NSW When are Assets for Property Settlement Calculated?

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now

Cheryl Grieff

Member
3 December 2015
2
0
1
Are assets for property settlement calculated at the separation date? What if we are still paying shared bills after the divorce?
 

sammy01

Well-Known Member
27 September 2015
5,154
721
2,894
At the time of settlement, not at the time of divorce or separation - don't go winning the lotto till you get this sorted
 

sammy01

Well-Known Member
27 September 2015
5,154
721
2,894
Neither. They are assessed at the time of organising the thing - the time of settlement. So in my case it took 3 years to get it all sorted. I kept working and paying the bills the ex didn't... In between my super went up so did my shares.... She sold her shares and blew the money.

There is a thing called 'add backs' so that theoretically if money is blown or assets sold and the money wasted it can be added back into the equation, but it can be really hard to establish and often the costs involved in getting the relevant information can just wind up being too hard.

So the end result was that she got to prosper from my financial situation that improved over the 3 years it took to get it settled and I got to get screwed over by her spending spree. Lesson? Get it sorted sooner rather than later.