How are assets split during a divorce process

[APC]

Hi, I have several questions that I would like to ask.
I came home a few days ago and my wife said she wants a divorce and wants to move in one of the rental,properties we have.
She hasn’t provided me an answer why she wanted a divorce after 20 years of marriage.
I have spoken to friends and they told me to let her go even though I suggested to her to get counseling.

My issues are as follows. I have several properties that are paid off and several properties with a large loan on them. In addition a large super fund. My wife worked when the kids where young part time for a few years and then never worked after that. I supported the family.

The kids are at university now and live at home.

What is my wife entitled to now even though an application hasn’t been submitted for divorce?

Any help is appreciated.

Thanks

 

[AllForHer]

A property settlement can be whatever you and the other party agree to, but if you can't agree and you ask the Court to decide, it will determine a property settlement by asking four questions:

1. What is the value of the shared asset pool?
2. What were the financial and non-financial contributions of each party?
3. What are the future needs of each party?
4. Is the settlement just and equitable?

The Court will not disadvantage a party who contributed to the shared asset pool in a marriage by staying home to look after the kids and keep house, which thereby enabled the other to go to work and provide financially. After a 20-year marriage, with children no longer living at home, there's a fairly good argument for a 50/50 split, but if mum's employment history has been lax and therefore impacted her capacity to gain employment in future, then she may have a slightly larger percentage granted in her favour.

As to super, only the super earned during the marriage is taken into account, and if it's decided that your super should be split, it will still be subject to superannuation laws - namely that the assigned portion can only be transferred to the other party's superannuation fund, and will remain inaccessible until they reach the age of retirement.

As a matter of interest, a divorce does not have to be accompanied by a property settlement, and indeed, there is a 12-month time limit imposed for either party to file for property settlement with the Court after a divorce has been finalised.

 

[BrokeGirl7]

As to super, only the super earned during the marriage is taken into account,

I'm pretty sure this isn't true.

 

[Rod]

I'm pretty sure this isn't true.

As a rule it is, but individual circumstances can change the rule. Plus the attitude of the judge matters as they have a wide discretionary ability in how they divvy up property.

 

[thatbloke]

Property and finances after separation - Family Court of Australia
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