When both parties cooperate and win
Our client, Margaret was 45 years of age with 2 children aged 9 and 13. She wanted to retain the family home but earned insufficient income to borrow enough to pay her husband out.
Margaret had significant superannuation entitlements which she had built during her career prior to giving birth to her children and transferred to her from a previous marriage. The Husband also had significant superannuation entitlements.
The Husband was a 60-year-old male in poor health who needed a cash payment from the Wife to purchase accommodation. Margaret could not pay him out without selling the home.
Neither of them wanted the children to leave the family home.
As the Husband was close to retirement, we negotiated a settlement in which the Husband retained all his superannuation entitlements and in lieu of the Wife transferring the sum of $250,000 in cash to retain the family home, she transferred the entirety of her $250,000 in superannuation entitlements to the Husband, leaving the Husband with close to $600,000 in superannuation.
The Husband was prepared to semi retire to part time work and as he had reached his preservation age. At retirement he was able to cash in on his own and the Wife’s superannuation to fund the purchase of his home.
The Wife was no longer required to make a cash payment to the Husband and so was able to retain the family home.
Can I afford it?
We appreciate that Wills & Probate cases can take a while to resolve. The costs can escalate unexpectedly, which is why at the commencement of a case, we provide you with the likely estimate of costs and guide you on your best way of minimising these costs.
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