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Difference between revisions of "Basic Principles of Property and Debt in Family Law"
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Basic Principles of Property and Debt in Family Law (view source)
Revision as of 04:32, 20 May 2013
, 04:32, 20 May 2013→The presumption of equal sharing
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This section cast a very broad net: as long as an asset was owned by a spouse and was ordinarily used for a family purpose, the asset would be a "family asset" for the purposes of the ''Family Relations Act'', and it didn't matter whether the asset was brought into the marriage by one spouse, or bought during the marriage. | This section cast a very broad net: as long as an asset was owned by a spouse and was ordinarily used for a family purpose, the asset would be a "family asset" for the purposes of the ''Family Relations Act'', and it didn't matter whether the asset was brought into the marriage by one spouse, or bought during the marriage. | ||
To summarize, when a marriage breaks down, the spouses are presumed to own all family assets equally, no matter whose name the asset is in or whether the asset was brought into the marriage by one spouse or bought during the marriage. | To summarize, when a marriage breaks down, the spouses are presumed to own all family assets equally, no matter whose name the asset is in or whether the asset was brought into the marriage by one spouse or bought during the marriage. This presumption, however, only applies between spouses. As far as the rest of the world was concerned, the only owner of an asset is the person with legal title to the asset, which might be: | ||
This presumption, however, only applies between spouses. As far as the rest of the world was concerned, the only owner of an asset is the person with legal title to the asset, which might be: | |||
*one of the spouses, | *one of the spouses, | ||