At the time of their separation Jake and Lana had been married for 18 years, this is considered to be a long marriage and is relevant to any property orders that might be made. This is especially important in regards to the future needs of the parties, and any property that might have been bought into a marriage, as this initial contribution is seen to become less important over time (Brown V Brown (2005)).
The processes and laws regulating property orders for divorcing couples are found in Part VIII of the FLA. In Australia the main requirement of property division is coming to an outcome that is just and equitable for both parties on a case-to-case basis (Mallet V Mallet (1984)). When deciding upon this, three considerations are
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The future incomes of the parties is not regarded as ‘property,’ with the only exception being found in Pope V Pope (2012), where a source of income is derived from a piece of property. Future income is however relevant to future needs of the parties.
Superannuation has been treated as property since 2002, pursuant to s. 90MC of the FLA.
The value of the property is to be determined at the time of the trail.
In this case the property includes:
• Elwood Home, valued at $1.3 million
• South Melbourne Apartment, Valued at $900,000 and rented out at $3000 a month, the rent of $3000 while an income is considered to be property because it derives from property (Pope V Pope).
• Melbourne café, current value not stated.
• Brisbane café, valued at $140,000
• Sydney café, valued at $140,000
• Lana’s superannuation, $230,000
• Jake’s superannuation, $140,000
Total property pool: $9,852,000- this number does not take into account the value of the Melbourne cat café as such numbers have not been
The first is division, as Grant Knight and Vicky Lewis state in their article; Is division and sale a useful remedy: “First, there is the issue of whether the property can be divided and if it cannot then it requires to be sold.” With the present case of Amanda and John the house could not be divided equally between the two parties and would therefore require the house to be sold. Division and sale is therefore, the only logically remedy that the courts could impose. Division and sale is the selling of the house with which the: “proceeds thereafter should be in proportions which are just and equitable.” Dividing the proceeds equally, prevents the general principle of nemo dat quod non habet being an issue. Division and sale is an absolute right and under common law for an unmarried couple there is no defence to this. A case which highlights the courts effectively implementing the remedy of divison and sale is the case of Berry v Berry. In this case the husband wanted to buy out the wife’s shares. However, the outer house refused to allow him to buy out her shares as It was seen in both the party’s best interests to have a sale on the open market which would raise a higher price. Although, in this case Berry and Berry are a married couple and have the be benefit to implement the Matrimonial Homes (Family Protection) (Scotland) Act 1981 it still shows the
The marriage between the two parties involved (Richard S. Dougall and Myrna R. Dougall) was dissolved in 2008 with the dissolution decree ordering Richard to pay Myrna $750 per month in spousal maintenance. Each of the two parties was also awarded one half interest in two parcels of property. Richard was ordered by the court to obtain appraisals and pay a fair share of the equity (as designated by the court’s property division assessment) to Myrna. In 2011, the court entered two judgments against Richard for failing to comply with obligations set down in the court order. A $5,000 judgment represented Myrna’s interest in one of the properties. The second judgment for $4,745 represented spousal maintenance arrearages. The court also reduced Richard’s spousal maintenance obligation to $500 per month effective August 2011.
The current assessed value of the property is stated at $400,000, however with the improvements to be made by the current owner, there is a projected value of $500,000. However, with Mr. Alexander making the improvements to the property himself, along with the average rents in the area increasing, the value is now projected to be worth $562,500 a 12.5% increase.
According to the calculation of Laflin in year five, NOI is $216,784. At a 10% cap rate the property is worth $2,167,840. My adjusted calculation yields a valuation
The second appraisal had the extraordinary assumption that the property would be leased to Tesla Motors at $23 per square foot. Based on the assumption that all 25 thousand square feet would be leased at that rate, the appraisers reported that the market value was $8,510,000, over three million more than what they said it was three months prior.
The couple [that I interviewed are named Dr. Kristine and Rocky Flint. This is a heterosexual relationship. They have been married for a little over 12 years and have three daughters, a 9 year old, a 2 and a half-year-old and an 18 month old. Kris is 37 years old and Rocky is 40 years old. They meet at church in the college department. At the time Rocky was at NSU with a major in administration with an emphasis on entrepreneurship and Kris was at Cameron with a major in chemistry and later went to NSU with a major in optometry to become a doctor.
It is often conceptualized that property is the rights of 'ownership'. In common law property is divided
In this background paper, I intent to describe and discuss the three main assessment approaches used by the Property Valuation Services Corporation (PVSC), who currently assess all properties at market value in the Municipality of the County of Pictou, using standards provided by the International Association of Assessing Officers (IAAO) and legislated by the Province of Nova Scotia. I have found that the most common approach in our municipality, the direct comparison approach, is the approach I would suggest, if for any reason the Municipality of Pictou were limited to using one method. However, I believe all three options should be available as choices to accurately evaluate various types of property.
After understanding the appraisal, we can consider if Ms. Rose could have borrowed money despite not having the Lagoon beach collateral. Let’s consider if the Bank of the West, used the appraised value as the total amount the bank will loan Ms. Rose. Also, she is given the conditions, she either pays 25% of the purchase in cash or pledges to the bank a first priority lien on the vacant land as collateral.
Sir James Munby’s speech highlighted the inadequacy of the cohabitation law and the need for a reform on financial relief for cohabitation when the relationship breakdowns. This paper will look at the current family law’s approach to financial provision between cohabiting couples on separation and explain why a reform on cohabitation law is indeed ‘desperately needed’. This paper will first explain what is cohabitation, and address the traditional mistaken belief of “common law marriage”. This paper will then go on to explain how the law on cohabitation differs from marriage and civil partnership and argue that the existing law does provide a certain extent of protection on cohabitation, but highlighting that the law on cohabitants’ financial and property rights on relationship breakdown is inadequate and may give rise to injustice. The focus will then turn on the public’s opinion based on a survey and the arguments supporting and opposing reforms before reaching to the conclusion that a reform is indeed desperately needed.
Combining the research above, the market value as at 2013 is worth $32.35 billion dollars per year, and of particular interest is the rented house/apartment/flat or unit market, which contributes $9.7973 billion dollars to the Australian economy.
This paper will examine the current legal framework of the interaction between trusts and relationship property entitlements. Focus will be placed on whether or not there is a fair balance between trust and relationship property rights under the current law. Firstly the interaction between trusts and relationship property will be looked at in depth before going on to consider what avenues are currently available for either gaining access to trust property or being compensated for being denied access (???wording). The current position favours trust rights over relationship property rights. This is a concern because it creates the potential for injustice in relationship property matters. In contemplation of these issues reform will be required to address the inequality.. In addition to a number of legal commentators (footnote) the Law Commission have also recommended reform where trusts and relationship property interact (footnote). The legislative amendments that should be made are..............
The very nature of the facts that are brought before courts in the sorts of cases that comprise this area of law demand fairness, and legal policy considerations lurk behind every rationalisation. This makes it more difficult to achieve coherence, but our task is less demanding than achieving coherence in the law: we only need to look at the sets of facts that give rise to property
English law system is now faced with the challenge to balance between the need to diminish fragmentation in property through legislative instruments and doctrines; and allowing landowners to freely exercise their contractual freedom to deal or convey their property, as they deem apposite. I feel that the English law has been successful in drawing this balance mainly through the numerus clausus principle.
The investment property I have decided to purchase is located in West Launceston at 1/11a Duke St the property is a 2 bedroom single bathroom unit, the bedrooms are fairly large compared to a regular bedroom. The property is valued at $299,000 on Realestate.com.au. The property shows great appeal as it has large rooms and a nice outdoor area. This property is also appealing to someone who wants to rent it because it is fairly close to town roughly 1km south of the town it’s definitely a possibility for a walk into town. The house also has multiple supermarkets nearby.