Case Study 1
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Things to Consider
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Children and Separation
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Property Settlement - Case Study 1
Retiree property settlement and tax issues
Our client, ("Betty") came to see Armstrong Legal when she assessed her relationship with "Bill" was in trouble. Betty and Bill had previously been married and each came to the relationship as retirees. They were both relatively financially secure. Betty owned her own home and Bill moved in with her. Bill had also owned his home which he sold when he moved in with Betty. With those funds they had travelled extensively together. Bill had also purchased himself a new car and a large boat. Betty had her own car from before she met Bill 9 years ago.
Betty had quite a substantial share portfolio, but Bill's funds had been diminished throughout the relationship to the extent that he would not be able to buy a house of a similar standard to that which he had owned before his marriage to Betty.
Betty and Bill were not hostile towards one another but disagreed about how their assets should be divided. Betty wanted to keep her home and her share portfolio. She did not want any part of Bill's car or boat. She said "they were his and were a sign of his extravagance that had lead to his poor financial situation."
Bill did not think it was reasonable that both he and Betty came into the relationship with houses of equivalent value. Betty wanted to keep her house, but Bill would not be able to afford to buy an equivalent property.
Armstrong Legal would be please to be able to discuss your situation with you and let you know realistically what we would be able to achieve for you. If you would like free preliminary telephone advice, please do not hesitate to contact one of our specialised family solicitors.