August 2015 - Southern Waters Legal

How to get a Divorce: 4 Steps to a fresh start

People often talk about going through a ‘messy divorce’, when in fact, obtaining a divorce is the easiest part of separation. Are you considering getting a divorce and wondering what the process will be like?

Married couples in Australia can apply for divorce if their marriage has broken down irretrievably. To apply for an Application for Divorce the parties need to be separated for a period of at least 12 months; and

• One of the parties must regard Australia as their home and intend to live in Australia indefinitely or

• be an Australian citizen by birth, descent or grant of Australian Citizenship, or

• have lived in Australia and have done so for 12 months immediately before filing the divorce.

Business Partnerships: Minimising the risks & maximimising the rewards

News

Starting a business can be hard, particularly when doing it yourself. Going into business with a partner can minimise the difficulties, particularly when the partners have complimentary skill sets. But what is the best way to structure a business partnership? How should the partnership agreement be documented?

Business Partnership

Done well, a good business partnership can lead a business towards long-term profitability, helped along by the cohesion, dedication and combined skill-sets of it’s partners. Done poorly, a partnership can lead to conflicts, inefficiencies, losses and sadly, even the destruction of friendships or marriages.

Buying Property In Your SMSF

Property

Australians are known to love property as an investment vehicle. Generally this has been achieved by borrowing from a bank to purchase property before paying it off over time. Since 2007 self managed superannuation funds (SMSF) have been allowed to borrow money to acquire property, which has seen a large increase in the amount of SMSFs and the amount of property owned by SMSFs.

What is a SMSF?

A SMSF is a superannuation fund that has four (4) or fewer members and is an alternative to retail and employer sponsored superannuation funds. In a SMSF, the members (who are subject to strict rules) have control over the superannuation fund, its investments and decisions.