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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5422
Experience:  Dip Law LPAB - Sydney based lawyer
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We are selling our house to our daughter and her husband for

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We are selling our house to our daughter and her husband for 50 000 - 70 000 less than the market value as we wish to help them. My husband and I are divorcing but are both happy to accept half each of the sale of our house at less than market value to help our daughter. . When the divorce happens and the property settlement takes place does the sale of the house adversely impact the rest of the settlement?
The only effect on your settlement, if you have both agreed to reduce the price of the property to assist you daughter, is that there will be less funds available for apportionment in your family law property settlement.

Also be aware that she would still be obliged to pay stamp duty on the full commercial price of the property, and you are still obliged to treat the property as having sold for its full commercial price for Capital Gains Tax purposes (if they apply to your home), and a failure to do so could attract prosecution by the tax authorities.

Otherwise there appear to be no issues with your proposed arrangement.

I trust the above assists your understanding.

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Thank you and good luck.

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