If you or your spouse have assets located outside of Australia, you may be wondering how these assets will be divided in the event of a divorce. The process can be complex, and it is important to seek professional legal advice to ensure that your interests are protected.
Australian courts have jurisdiction to divide overseas assets in certain circumstances.
The first step is to determine whether the overseas asset is ‘matrimonial property’.
Once it has been established that the asset is matrimonial property, the court will then consider what order would be just and equitable in all the circumstances of the case.
A number of factors will be taken into account when making this determination, including but not limited to:
- the financial contribution made by each party towards the acquisition, conservation or improvement of the asset;
- the non-financial contribution made by each party;
- the future needs of each party; and
- the value of any other property owned by either party.
In some cases, it may be possible to reach an agreement with your spouse regarding the division of overseas assets without having to go to court. However, if you are unable to reach an agreement, you may need to commence proceedings in an overseas court.
It is important to seek legal advice from a lawyer who is experienced in dealing with international family law matters before taking any action.
Dividing assets located outside of Australia can be a complex process. If you or your spouse have overseas assets, it is important to seek professional legal advice to ensure that your interests are protected.
To take a step toward protecting what is rightfully yours, email us at info@alslaw.com.au to organise an initial consultation for the fixed fee of $330 inclusive of GST.