Family Law property division

Problem

Mr Lee and Mrs Lee had been married for over 25 years. Throughout the relationship, as a result of hard work and smart investments, Mr Lee and Mrs Lee had accumulated assets worth approximately $4 million.

Mr Lee and Mrs Lee were separated and subsequently divorced. Since separation, Mr Lee and Mrs Lee have had extensive negotiations with respect to how their assets should to be divided. They were unable to reach a mutually satisfying agreement of terms.

Mr Lee engaged our firm to assist him to resolve his financial dispute with his former partner.

Solution

At the outset, we advised Mr Lee to resolve the dispute with Mrs Lee by way of alternative dispute resolution. Based on our advice, Mr Lee proposed to have all assets divided between him and Mrs Lee on a 50/50 basis. However, Mrs Lee made it clear she was not prepared to settle unless she receive a substantially larger division of the assets.

Left with little options, and with the limitation period to commence financial proceedings looming (set at one year after the divorce order is made), Mr Lee was forced to commence proceedings in the Family Court.

The court proceedings were particularly complex due to the large amount of transactions involving purchase and sale of various properties and businesses made by the former husband and wife over an extensive period of time.

Outcome

When the proceedings were reaching the stage in which the parties had to prepare themselves for a lengthy trial, we invited Mrs Lee and her legal representatives for a final attempt to settle the dispute by way of a round table conference before a mediator who was a former Family Court Judge.

As a result of this initiative, Mr Lee and Mrs Lee were able to reach an agreement to settle at the conclusion of the conference. The agreement to settle relevantly provided that all assets were to be divided between Mr Lee and Mrs Lee on a 50/50 basis. Through Tang Legal’s guidance, our client thus succeeded in obtaining an outcome which satisfied all parties, resolved the dispute, and forestalled further lengthy, stressful and costly legal proceedings.