Ways COVID-19 Can Affect Family Law Property Settlement

Family lawyers have started gaining lots of prominences, especially after the COVID-19 pandemic. The primary reason for that being, people, now prefer smaller nuclear families. This is where there are lots of property disputes going around.

The result is; people are searching for the best property settlement lawyers in their city.  This is especially the case for cities like Sydney and Melbourne, where many properties are around. Due to the multiple shares of properties in the city, family lawyers are in huge trend.

Now, you might say this was the case even before the Coronavirus pandemic occurred. Yes, in a way, you are true. But, after the whole forced lockdown period and growing requirement of maintaining social distance, many joint families, especially in Australia, have now started to part ways.

The big problem that arises due to this situation is who should be rewarded the property. To resolve the property dispute, family lawyers have slowly but gradually moved into the bigger picture. Many people have shown concern about how COVID-19 has changed the value of their assets at a proliferating pace. So, how do you resolve the property settlement cases on in such an unsettling environment?

There are certain questions that people have sent us which have left them undisturbed. And we are here to address these questions and give appropriate answers to our readers.

Let’s head straight to the questions and their solution in terms of the law.

Superannuation Values

Q: We mutually agreed upon a property settlement using a superannuation rollover to the other party. Now overnight, my superannuation balance has dipped to an all-time low. This has made the entire rollover thing unfair. What is the solution to this problem?

A: We would say that changes can be made depending upon the stage of your negotiation or whether you have court orders or a Binding Financial Agreement. Take the help from your family lawyer to get a solution to this problem.

Cash Payments

Q: We had a property settlement wherein I made a cash payment to the other party for their share of the house based on values a couple of months back. Now that the house prices have dipped by 25%, can this payment be adjusted?”

A: The answer to this question is yes in certain situations where this can be a possibility. However, you will have to discuss the facts of the particular matter with your family lawyer to get the right answer.

Business Valuations

Q: I had business assets from a part of our property pool, but its value has changed dramatically. There is a case where I will not be able to survive this pandemic due to the diminishing value of the property; what should I do?”

A: The answer to this question will depend upon your individual circumstances. You can get in touch with your family lawyer to renegotiate your property adjustment.

Apart from these questions, our readers ask other questions, which we have included in notable mentions below.

Since every family situation will be distinct and affected by the COVID-19 pandemic in different ways, you need to discuss this with your family lawyer and ask for their help.