How does retirement work in a divorce?
How does retirement work in a divorce?
If a pension is divided between divorcing spouses, it must generally be done at the time of divorce when other marital assets are divided. Most retirement plans will pay pension benefits directly to divorced spouses if the domestic relations order meets certain requirements.
Can I spend my money during a divorce?
Can I spend my money during a divorce? Many people might not know about this, but ex-spouses who have not yet finalised their property settlement can still spend funds from their joint accounts after separation. However, this does not mean that estranged spouses can spend without repercussion.
How are gifts handled in a divorce?
In many cases, gifts from parents will not be subject to equitable distribution in divorce. While couples’ marital assets are subject to distribution, gifts will often qualify as “separate property,” and this means that they remain the sole property of the recipient spouse.
What is a irretrievable breakdown divorce?
With the introduction of the Family Law Act 1975 (Cth) (the Act), the only grounds for divorce in Australia is the “irretrievable breakdown of a marriage”. When demonstrating that the marriage has irretrievably broken down, a couple must have separated for at least 12 months as outlined in s 48 of the Act.
