NSW Divorce Settlements

[User808080]

Hi,

We are a married couple of 10+ years and most likely going for a separation/divorce in NSW. I just want to understand how does the settlement works. If someone could please guide

1. We have a 5 year old son.
2. Both husband and wife are professionals and earn almost equally. Roughly 50-50 contribution to the finances.
3. Both maintain separate bank accounts
4. Both maintain separate super accounts
5. No property or investment (individually or joint). Only cash savings.
6. No hidden accounts or assets
7. No mortgage or liabilities of any kind

What are the rules for kids. Who gets to keep the son?
How do the cash savings split?
What happens post divorce?

 

[CSFLW]

Hello

The questions you ask can only be answered by a lawyer.

 

[moshka]

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[qeyequyo]

Bringing this one back up because I was curious how others have tackled the costs. Have any of you managed to keep expenses down with mediation instead of going to court? Any tips or things to watch out for during the process? I’d love to hear more about real experiences navigating settlements, especially when it comes to dividing assets like superannuation.

 

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[Noel Harris]

Two separate legal questions are being asked here, and it's worth untangling them. The first is about property and financial settlement, and the second is about arrangements for your son, and family law treats these quite differently.

For property, the Family Law Act doesn't automatically split things 50/50, but in a case like this, with a modest asset pool of cash savings only, roughly equal financial contributions and separate accounts, the parties' respective entitlements may be fairly close to even once superannuation, care arrangements for the child and any differences in future needs or earning capacity are considered. Superannuation is treated as a category of property in its own right and can be split between you even though it sits in separate accounts. A family lawyer can run the numbers against the process the courts use, including identifying the asset pool, assessing contributions, considering current and future circumstances, and whether the outcome is just and equitable.

For your son, there's no concept of one parent 'keeping' the child. Parenting arrangements are decided by reference to the child's best interests, including safety, the child's developmental, psychological, emotional and cultural needs, the child's views where appropriate, and the benefit of relationships with parents and other significant people where safe. Decisions about living arrangements and time with each parent are made separately from, and are not traded off against, the property split. Many separating parents agree on care arrangements between themselves and formalise them in a parenting plan or consent orders, which avoids court entirely.

Because you have no property and no complex assets, this is exactly the kind of matter that can often be resolved efficiently and cost-effectively with the right guidance. We'd recommend getting tailored advice before signing anything so both the parenting and financial sides are properly documented.

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Disclaimer: Please note information in this response is general in nature and should not be treated as legal advice. It may not be complete or up to date for your specific situation. Independent legal advice is always recommended.

 

[jazezeha]

Bringing this one back up because I was curious how others have tackled the costs. Have any of you managed to keep expenses down with mediation instead of going to court? Any tips or things to watch out for during the process? I’d love to hear more about real experiences navigating settlements, especially when it comes to dividing assets like superannuation.

 

[fuqapape]

Jumping in on this older post, you might consider reaching out to a family mediator who can guide you through custody arrangements and division of assets amicably. It’s often less stressful than going straight to court. How's everything progressing for you lately? Anything specific you’re still curious or unsure about?