How Can A Future Inheritance Be Divided In Property Settlement?

Do you want to know what happens to the future inheritance for the divorced or separated couples? Well, when it comes to future inheritance, there is no definite answer. Many clients expecting to receive an inheritance ask whether it would be relevant to discuss the property settlement matters with their ex-husband.

There is no direct answer to this question as it depends on many parameters. The family law court in Australia adopts in determining how assets will be distributed upon divorce. In addition, you can take some advice from the property settlement lawyers to know about property settlement.

The Parameters Based On Which The Court Will Decide On The Property Settlement

Here are the parameters based on which the court will decide on the property settlement. You must understand all of these in detail and if there is any issue, speak with the lawyers.

• Firstly, the court will determine if it is equitable to place an order adjusting parties’ property by identifying the parties’ current equitable and legal interests.
• Secondly, if it is inevitable to place an order, the parties’ respective asset pool contribution needs to be assessed. It will help in determining the property pool depending on those contributions.
• Thirdly, the court will ask to consider the future needs of both parties in terms of different factors. They are health, party’s age, income earning capacity, and care of children.
• The last requirement is that the court will access all these parameters and decide the overall percentage outcome to ensure that the property division is equitable.

What Does The Court do?

The court has discretion by taking into consideration the future needs of every party. It includes considering all circumstances and facts, and justice is another thing to keep in mind. It can consist of where one party will receive an inheritance in the future.

What The Family Court Has To Say?

The Full Court of the Family Court in the country has determined that letting evidence of a person’s inheritance might or might not be received at some time. It can be a rare situation because of the uncertainties involved.

The uncertainties can be like a person can change the Will for which a party will never get an inheritance unless the person under the Will is in poor health condition. It is pretty difficult to say when they will receive the inheritance.

When A Person Who Prepared The Will Leaves The Inheritance

A person who has prepared the Will is leaving the inheritance to another party will no longer have testamentary capacity to change the Will. It is close to death, and the potential inheritance will be another factor the court needs to consider for a property settlement.

About The Will Concerning Relative

If a party has a relative and has left the property in their Will, but the relative is in good condition, they have the right to change the Will. Also, there is no suggestion that the relative’s death is imminent. In this instance, the court might find that the likelihood of inheritance does not impact the property settlement.

Impact Of Circumstances

Every case will be determined depending on the individual situation. It means that no one size will fit everyone. The size and timing of the potential inheritance are all matters that need to be considered. It will help in determining how the court should distribute the property between both parties.

Who Will Receive The Inheritance?

One of the most important questions to ask regarding a divorce settlement is: who will receive the inheritance? In a majority of the situations, a single party receives it. If it is written in the Will that the property needs to be distributed, it will share between both. But it is essential to mention all specifications in the Will in clear words.

Check When Was The Inheritance Received?

Remember that inheritances will be treated differently based on what both individuals have received in a divorce case.

• Before The Relationship: Assets received in the early or before stages are considered initial financial contributions to the marriage or relationship. It includes the pool of assets divided between two of them while getting divorced.
• During The Relationship: When inheritance is received during the marriage or relationship, the decision is made on how both have used the money.
• After The Relationship: If you receive something at the end of a relationship, it will consider before the final property settlement is finalised. A divorce lawyer Perth can help you in the entire process.

Final Thoughts

An experienced and licensed divorce lawyer will be able to brief you on how the case will proceed. They can tell how much inheritance you will receive. That’s why for any legal details, you can get in touch with the best ones in Perth.