VIC Opinion on property division - would I have a reasonable chance in court?

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SRL1

Active Member
6 September 2021
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Hi there,

I divorced in 2019 after 15 years of marriage.

During the marriage I contributed 60% of the family income; ex contributed 40%.
Same 60/40 ratio between our incomes after separation.
Housework was shared 50/50.
3 teenage kids; 50/50 custody.
I am 5 years older.
Both of us are in decent health.
An informal agreement has fallen through so court action looking increasingly likely.

Assuming I get over the out-of-time hurdle, would I have a reasonable chance of success if I ask for 60% of the assets?

Thanks in advance for your input.
 

Rod

Lawyer
LawTap Verified
27 May 2014
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Assuming I get over the out-of-time hurdle, would I have a reasonable chance of success if I ask for 60% of the assets?

No. But I don't know if there are other factors that may influence my answer, such as inheritances, wastage etc.

Depending on size of assets, may be better to give the extra 10% to the ex and save on lawyer's fees.

What was the split on the informal agreement, and who has control of the assets now (house, super, cash)?
 

SRL1

Active Member
6 September 2021
8
0
31
Hi Rod,

No inheritances or start up assets.
Asset pool is about $1.7 million
House (joint - net of mortgage) $750k, cash (joint $550k), super $200k each
Informal agreement was for me to keep the house and ex to take the cash, and keep each other's super - this would've given me 56% and ex 44%.
Ex now wants $700k which means I will end up with 47%
 

Immismum

Well-Known Member
11 May 2020
29
2
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If you keep the house, you won’t need to pay stamp duty, mortgage insurance or anything else. That is worth real money even if it isn’t part of the asset pool.
in my lay opinion, the fact that you earns more money doesn’t entitle you to more of the asset pool. If everything is basically even with child rearing, both working and having the kids 50/50, then you’d expect someth8ng like 50/50 split. If anything there might be an adjustment in her favour as the lower earner (although as you are older that might cancel it out).
Honestly, 47/53 with you keeping the house and no court fight sounds pretty good.
 

Rod

Lawyer
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27 May 2014
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Honestly, 47/53 with you keeping the house and no court fight sounds pretty good.
^^ this. Though can you afford to pay the extra $150K in cash?

Maybe counter with 50/50.
 

SRL1

Active Member
6 September 2021
8
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31
Though can you afford to pay the extra $150K in cash?

This is part of the problem. I will have tough time raising this money, so most likely end up having to sell the house and buy something cheaper or rent.

Who is living in the house?

Did both of you pay the mortgage equally after separation?

I live in the house and pay the mortgage. Ex is renting.
 

Atticus

Well-Known Member
6 February 2019
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15 years of marriage ...... 3 teenage kids
One other thing not already mentioned ..... If this should end up in court, you also need to consider that the court will likely make an adjustment in her favour in consideration of section 75(2) factors... Basically, matters around child rearing, & will depend on your particular circumstances. Factors such as, how long she was out of work whilst child rearing (amounting to lost superannuation), what kind of work did she leave, has that absence affected her ability to re-enter the workforce, if she had a career, has that been affected or will she need to spend money to retrain or re-skill, etc etc.

Bottom line is, along with legal costs as well, it will be in YOUR best interests to keep it out of court.
 

SRL1

Active Member
6 September 2021
8
0
31
Have you got a lawyer?

Bottom line is, along with legal costs as well, it will be in YOUR best interests to keep it out of court.

Still hoping to sort this out without getting lawyers or courts involved.
Asking the questions here to prepare myself for the worst case scenario, should it come to pass.

matters around child rearing

Both lost similar time, ex took first 3 months off, I took the second 3 months off after each pregnancy, neither had trouble getting our jobs back.

One thing I still don't understand:
Both section 79 and the 4-step process says courts will consider the financial contributions made by each party. Higher income throughout the marriage = higher financial contribution to savings and assets, so shouldn't there be at least some adjustment in my favour for that?