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What is the preservation of property in family law?
Individuals in a family law case may have valid concerns their spouse will hide property or deplete their assets. Your family law attorney has many different tools that he or she can use to protect property in the context of a family law dispute.
Under section 12 of the Family Law Act, a court may order that property owned by either of the spouses is to be preserved during the litigation. A court may make a final or a temporary preservation order.
Preservation can have many different meanings. For example, the court can, among other things:
- Preserve a specific asset so that it may not be sold or encumbered;
- Freeze bank accounts so that no-one is able to deal with them until further court order;
- Make an order pertaining to the safekeeping of property.
If you are concerned about preserving your property in your family law case, contact an experienced family law attorney at Krol & Krol today.