LawAnswers.com.au - Australia's #1 Legal Community

LawAnswers.com.au is a community of 10,000+ Australians, just like you, helping each other.
Ask a question, respond to a question and better understand the law today!
Join us, it only takes a minute:

QLD Post Divorce Property Settlement - What About New Engagement Ring?

Discussion in 'Family Law Forum' started by Seeking answers, 2 March 2015.

  1. Seeking answers

    Joined:
    2 March 2015
    Messages:
    1
    Likes Received:
    0
    Hello,
    My marriage broke down in January 2013 and my ex-wife and I separated that same month. We were formally divorced in April 2014. I have been trying to negotiate a 50/50 split with my ex-wife, but she is being unreasonable and believes she is entitled to everything, even though we do not have children. I will now have to consider commencing proceedings to have a Family Law Court decide the fair and reasonable split.

    We have sold the matrimonial home and the proceeds form part of the asset pool. We do not have any children and we both worked throughout the duration of our married life together, which lasted 3 years.

    Since April 2014, we have individual and separate bank accounts, we don't live together and since the divorce, I have used my own money to purchase a car and other assets. I know that post-divorce assets may still form part of the asset pool, but to what extent? My 2013 - 2014 tax return was used to pay for the car I now own and have owned post the divorce. A month after the divorce, I entered into a new relationship. The relationship is going very well and I would like to propose to my partner.

    My question is: if I sell my car and use the proceeds to purchase an engagement ring, will that engagement ring form part of the asset pool at the date of the property settlement hearing? Or do I have to wait for the property settlement to be finalised before I can propose? Also, am I required to keep every single receipt for every day living expenses even though I am using my own money?

    Will the assets I purchased post-divorce form part of the asset pool?
     
  2. Sarah J

    Sarah J Well-Known Member

    Joined:
    16 July 2014
    Messages:
    1,314
    Likes Received:
    243
    Hi Seeking Answers,

    If the assets came from assets/money/opportunities obtained during the marriage or up to the property settlement meeting, then yes, it should be disclosed. The reason is, the engagement ring was converted from an asset that would have formed part of the shared pool, and the rule prevents parties from diverting their assets/funds from the shared pool or consuming it before property settlement.
     

Share This Page

Loading...