Disclaimer: This series of articles is intended to provide general information only and does not constitute legal advice. The article is in summary form and we recommend you seek legal advice or other professional advice as to whether and or how the information in applicable to your circumstances. The information in this article was current at the time of publication, however it may no longer be applicable.
Family Law COVID-19 FAQ’s: Part Three
My property and income have been affected by COVID-19, will this impact my Family Law matter?
Many industries, investments, and businesses have been negatively affected by COVID.
If your financial circumstances have significantly changed this will impact your matter.
When reaching a financial property settlement, the law requires consideration of each parties’ future needs and earning capacity.
If you are temporarily unable to work or your business is not as profitable as it once was due to COVID this may not necessarily affect your earning capacity in the future. However, it may affect your future needs if your investments, assets, or savings have been depleted as a result and will in any event impact your financial property settlement.
Can I access support and maintenance in light of COVID-19?
Other than receiving increased support through changes to your anticipated property settlement you may also have relief available to you by way of spousal maintenance or child support orders.
If you were not previously receiving any spousal maintenance or child support, but now have reduced income as a result of COVID, where your partner does not have reduced income you may be able to seek support. If you were receiving maintenance or support but it is no longer enough due to your reduced income, it may be possible to vary your maintenance or support terms, depending on the circumstances of the other party.
In the alternative, if you were already paying spousal maintenance or child support but your own income has now been reduced, you will likely be able to vary the terms of the agreement to reflect your current circumstances.
If you cannot vary terms or seek support by agreement you may need to make an application to the Court.
Family law is a complex area which requires consideration of relevant time limits, needs, and financial circumstances of each party and therefore it is always recommended that you obtain legal advice before making an application to the Court.
Please contact us at bbv@bbvlegal.com.au if you have any queries in relation to the above answers or if you wish to discuss the impact of COVID-19 on your family law matter further.
Disclaimer: This article is intended to provide general information only and does not constitute legal advice. The article is in summary form and we recommend you seek legal advice or other professional advice as to whether and or how the information in applicable to your circumstances. The information in this article was current at the time of publication, however it may no longer be applicable.
