VIC Financial settlement

[Anon9191]

Last night my partner and I decided to separate.

She has children, and we have taken care of them. I do not have children.

We purchased property together and have a strong financial base, between $1M - $2M.

Her initial contribution was much larger than my own, but due to an income disparity, the total contribution made by each of us is similar.

I hope we can manage the financial separation without the need for lawyers and courts, but I am trying to get a feel for what a 'reasonable' split would look like and what range would likely be determined if we needed to go through the court. ie; 50/50, 60/40, 70/30, 80/20 etc.

I'm able to provide more information if required.

 

[Atticus]

I hope we can manage the financial separation without the need for lawyers and courts, but I am trying to get a feel for what a 'reasonable' split would look like

Have a look at AMICA .... It's a Govt AI tool .... If you use accurate figures & answer all questions truthfully, it should give you a fairly good idea based on current asset division legislation.

If you then want to have a legally binding agreement on how your assets are to be divided, & I highly recommend you do so there are no surprises down the track, then AMICA will also assist you in filling out consent orders that can be submitted to court for review, which are then stamped & become legally binding.

 

[Anon9191]

Hi Atticus,

Thank you so much for sharing that tool.

That has been very helpful in helping me shift my mindset.

 

[Atticus]

Thanks for the feedback .... Glad it was able to help.
All the best

 

[Noel Harris]

Without knowing the full details, it is difficult to give a precise figure, but in a situation like this where initial contributions were unequal but overall financial contributions have evened out over time, courts will look at the full picture. That includes initial contributions, ongoing financial contributions, non financial contributions such as caring for her children, and future needs of each party. A 50/50 split is not uncommon where overall contributions are similar, but her larger initial contribution and the fact she has children could shift that in her favour. The court has wide discretion in property and financial settlements and outcomes can vary significantly depending on the specific facts.

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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.