Hi everyone, my heart goes out to all those on the forum. Good luck.
Anyways , need some help regarding Asset division split, inheritance, free rental, future needs.
Married 1999, 2 kids, now 17yo and 15yo, separated late 2016, mediation in 3 weeks time.
I am an engineer working in contaminated land industry for last 20 years and doing your typical 40 to 50 hour weeks between office and site (no overtime, given I'm on salary).
Note, at separation, wife lying and saying this like ".. take all the money", split everything "50/50, whilst i husband continue to put my entire fortnightly salary into the joint account. But then after saying to wife we can work this out between us, she got lawyers involved and offered 72.5% in her favour, my lawyers offered 57/43 in her favour and wife didn't take it.
Then wife told me to leave the house and live with my mum.
Then wife told me we should rent out the house and live separately until this gets sorted.
After the way returned from a girls weekend away , I was away for work i returned home, she is waiting on the couch and as soon as I stepped in the door she attacked me like a bull terrier accusing me for not managing the concreter and landscaper properly. I was organizing the landscaper and the concreter to finish the driveway and managed the landscaper.
Wife told me when in she is Greece for 2 months to organize whats remaining on the house and get it certified ready for sale.
What a piece of work.
In summary,
Husband contributions (worked his arse off to get where we are - renovated 2 houses);
Before marriage (1998) - $150k cash in bank.
2004 - husband mum gift $80k.
2008 - 2015 – me, wife and 2 kids live in my mums rental for almost free, average saved $450/week for 7 years , whilst building a new house, estimate saving of $140k. Can argue that my mum gave me the unit.
2016 - interim occupancy certificate - move into new house.
Husbands work on new house during weekends, annual leave, etc, estimated to be $50k (remove soil (130 tonne from front yard left by builder , old turf, tree stumps, retaining walls, levelling areas, etc).
Wife - primary carer, manages accounts. most in her name except 1 joint savings account and 1 joint credit card
Working since kids went to day care from around 2 yo.
Before marriage - wife purchase investment unit for $100k, $30k equity.
2006 - inheritance - $520k.
put money in term deposits earning interest.
2008 - Buy $30k shares, $10k US.
Buy new family car $44k.
wife holidays with kids to gold coast, bali, cairns, Melbourne.
2016 - wife redundant - $20k payout - (husband (me) don't know where money went.
2016 - wife withdraws $40k from an account (husband (me) don't know where it went).
2017 - wife - gives her friend $25k (not known to husband at time);
2017 - wife spends $20k on improvements on rental property.
2017 - wife moves out and rents for 6 months (spends $20k) then moves back into residence..
NOTE,HUSBAND STILL CONTRIBUTING ENTIRE SALARY INTO JOINT ACCOUNT AND WIFE SPENDING - IM AN IDIOT!
2018 - WIFE 2018 tax return $5.5K, not transferred to joint account.
2018 - wife buys vespa
2019 - july to sep - wife 2 month holiday to Europe with 15yo (funds from elsewhere. apparently borrowed)
NOTE, JULY, HUSBAND STOP CONTRIBUTNG ENTIRE SALARY INTO JOINT ACCOUNT AND
NOVEMBER 2019 - WIFE CANCELS JOINT CREDIT CARD. NOW COMPLAINING SHE DOESNT HAVE THE MONEY TO COVER EXPENSES. WHAT A SURRISE.
wife has $200k in another account in her name not disclosed to my lawyers - said it was for the kids from the inheritance but given all the lying and cheating and bullying, I don't believe her. SHE SAID SHE WILL INVEST ON THEIR BEHALF.
Husband contribution =$420k (estimated)..
$10k company shares in my name
2019 - superannuation - $280k.
2019 salary $125k (gross) I have worked 10 hour days for the last 3 years.
wife contributions - $550k (estimated)
2019 - wife salary $30K a year 3 days a week (can earn $62k a year/gross)
2019 - shares now worth $65k
2019 - super $ 110K
Asset Pool
Residence (both names) worth $2.3 million ($100k mortgage)
Investment Unit (wifes name) - $400k ($70k mortgage)
Shares under husband name - $10k.
Shares under wifes name $65k plus another $20k disclosed = $85k.
HUSBAND SUPER = $280K.
WIFES SUPER = $110K.
WIFES $200K (NOT DICSCLOSED).
TOTAL ASSET POOL $3 million (not including $200k in wifes name that was not disclosed).
MY QUESTIONS TO THE FORUM;
1. My mums rent free accommodation is not dollar for dollar
My lawyer is saying the $140k saved in rent between 2008 and 2015 is not counted dollar for dollar.
Would THE FORUM AGREE or disagree.
I believe Pelligrino case (no kids) found in favour of the plaintiff , free rent counted dollar for dollar contribution.
2. Husband contribution $420k / wifes contribution $550k.
Again my lawyer has not shown me on paper after numerous requests how they calculated split of between 62% and 65% in wifes favour.
My calculation indicates a 57% / 43% SPLIT IN WIFES FAVOUR BASED N THESE CONTIBUTIONS.
However, could I argue;
Again I could argue that the wife has spent;
20k on rent,
gave 25k to her friend
30k spent on shares
40k withdrawl from account was not disclosed,
20k redundancy deposit not disclosed.
this decreases contribution to (as a minimum) approx. $550-$20k-$25k = $505K
therefore split is 55% / 45% split.
Would the forum agree or disagree.
3. WIFE FUTURE NEEDS
Wife at the moment earns $30k gross per year but her contract indicates can earn up to $62 gross per year. My lawyer saying its based on her current salary, but I read on other website its all about earning capacity. What the hell does that mean anyway (do I get penalized because I am a civil engineer and the wife is a travel agent. People who work the mines with no skill can earn 200k, I digress).
Again, my lawyer , after numerous requests, has not shown me on paper how he has calculated the future needs of wife.
Can I argue that FUTURE NEEDS can be based on at least the wifes salary of $62k.
There is nothing stopping the wife from working a 40h week.
Also, could i argue if wife keeps the investment unit, that counts for another $20k a year (not including outgoings) , increasing income to $82k a year.
If the wife sells the investment unit - I don't know how that would work though. Thoughts welcomed.
Does the forum agree or disagree.
Would anyone know what percentage would apply in wifes favour.
As much as I hate to say it, with all my hard work all these years , I think what could be fair and just is a 60/40 split of the 3 million in wifes favour.
Any information would be appreciated.
Thanks
Anyways , need some help regarding Asset division split, inheritance, free rental, future needs.
Married 1999, 2 kids, now 17yo and 15yo, separated late 2016, mediation in 3 weeks time.
I am an engineer working in contaminated land industry for last 20 years and doing your typical 40 to 50 hour weeks between office and site (no overtime, given I'm on salary).
Note, at separation, wife lying and saying this like ".. take all the money", split everything "50/50, whilst i husband continue to put my entire fortnightly salary into the joint account. But then after saying to wife we can work this out between us, she got lawyers involved and offered 72.5% in her favour, my lawyers offered 57/43 in her favour and wife didn't take it.
Then wife told me to leave the house and live with my mum.
Then wife told me we should rent out the house and live separately until this gets sorted.
After the way returned from a girls weekend away , I was away for work i returned home, she is waiting on the couch and as soon as I stepped in the door she attacked me like a bull terrier accusing me for not managing the concreter and landscaper properly. I was organizing the landscaper and the concreter to finish the driveway and managed the landscaper.
Wife told me when in she is Greece for 2 months to organize whats remaining on the house and get it certified ready for sale.
What a piece of work.
In summary,
Husband contributions (worked his arse off to get where we are - renovated 2 houses);
Before marriage (1998) - $150k cash in bank.
2004 - husband mum gift $80k.
2008 - 2015 – me, wife and 2 kids live in my mums rental for almost free, average saved $450/week for 7 years , whilst building a new house, estimate saving of $140k. Can argue that my mum gave me the unit.
2016 - interim occupancy certificate - move into new house.
Husbands work on new house during weekends, annual leave, etc, estimated to be $50k (remove soil (130 tonne from front yard left by builder , old turf, tree stumps, retaining walls, levelling areas, etc).
Wife - primary carer, manages accounts. most in her name except 1 joint savings account and 1 joint credit card
Working since kids went to day care from around 2 yo.
Before marriage - wife purchase investment unit for $100k, $30k equity.
2006 - inheritance - $520k.
put money in term deposits earning interest.
2008 - Buy $30k shares, $10k US.
Buy new family car $44k.
wife holidays with kids to gold coast, bali, cairns, Melbourne.
2016 - wife redundant - $20k payout - (husband (me) don't know where money went.
2016 - wife withdraws $40k from an account (husband (me) don't know where it went).
2017 - wife - gives her friend $25k (not known to husband at time);
2017 - wife spends $20k on improvements on rental property.
2017 - wife moves out and rents for 6 months (spends $20k) then moves back into residence..
NOTE,HUSBAND STILL CONTRIBUTING ENTIRE SALARY INTO JOINT ACCOUNT AND WIFE SPENDING - IM AN IDIOT!
2018 - WIFE 2018 tax return $5.5K, not transferred to joint account.
2018 - wife buys vespa
2019 - july to sep - wife 2 month holiday to Europe with 15yo (funds from elsewhere. apparently borrowed)
NOTE, JULY, HUSBAND STOP CONTRIBUTNG ENTIRE SALARY INTO JOINT ACCOUNT AND
NOVEMBER 2019 - WIFE CANCELS JOINT CREDIT CARD. NOW COMPLAINING SHE DOESNT HAVE THE MONEY TO COVER EXPENSES. WHAT A SURRISE.
wife has $200k in another account in her name not disclosed to my lawyers - said it was for the kids from the inheritance but given all the lying and cheating and bullying, I don't believe her. SHE SAID SHE WILL INVEST ON THEIR BEHALF.
Husband contribution =$420k (estimated)..
$10k company shares in my name
2019 - superannuation - $280k.
2019 salary $125k (gross) I have worked 10 hour days for the last 3 years.
wife contributions - $550k (estimated)
2019 - wife salary $30K a year 3 days a week (can earn $62k a year/gross)
2019 - shares now worth $65k
2019 - super $ 110K
Asset Pool
Residence (both names) worth $2.3 million ($100k mortgage)
Investment Unit (wifes name) - $400k ($70k mortgage)
Shares under husband name - $10k.
Shares under wifes name $65k plus another $20k disclosed = $85k.
HUSBAND SUPER = $280K.
WIFES SUPER = $110K.
WIFES $200K (NOT DICSCLOSED).
TOTAL ASSET POOL $3 million (not including $200k in wifes name that was not disclosed).
MY QUESTIONS TO THE FORUM;
1. My mums rent free accommodation is not dollar for dollar
My lawyer is saying the $140k saved in rent between 2008 and 2015 is not counted dollar for dollar.
Would THE FORUM AGREE or disagree.
I believe Pelligrino case (no kids) found in favour of the plaintiff , free rent counted dollar for dollar contribution.
2. Husband contribution $420k / wifes contribution $550k.
Again my lawyer has not shown me on paper after numerous requests how they calculated split of between 62% and 65% in wifes favour.
My calculation indicates a 57% / 43% SPLIT IN WIFES FAVOUR BASED N THESE CONTIBUTIONS.
However, could I argue;
Again I could argue that the wife has spent;
20k on rent,
gave 25k to her friend
30k spent on shares
40k withdrawl from account was not disclosed,
20k redundancy deposit not disclosed.
this decreases contribution to (as a minimum) approx. $550-$20k-$25k = $505K
therefore split is 55% / 45% split.
Would the forum agree or disagree.
3. WIFE FUTURE NEEDS
Wife at the moment earns $30k gross per year but her contract indicates can earn up to $62 gross per year. My lawyer saying its based on her current salary, but I read on other website its all about earning capacity. What the hell does that mean anyway (do I get penalized because I am a civil engineer and the wife is a travel agent. People who work the mines with no skill can earn 200k, I digress).
Again, my lawyer , after numerous requests, has not shown me on paper how he has calculated the future needs of wife.
Can I argue that FUTURE NEEDS can be based on at least the wifes salary of $62k.
There is nothing stopping the wife from working a 40h week.
Also, could i argue if wife keeps the investment unit, that counts for another $20k a year (not including outgoings) , increasing income to $82k a year.
If the wife sells the investment unit - I don't know how that would work though. Thoughts welcomed.
Does the forum agree or disagree.
Would anyone know what percentage would apply in wifes favour.
As much as I hate to say it, with all my hard work all these years , I think what could be fair and just is a 60/40 split of the 3 million in wifes favour.
Any information would be appreciated.
Thanks
