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VIC Property Settlement After Divorce - Is Ex Entitled More Money?

Discussion in 'Family Law Forum' started by Panzer, 7 October 2015.

  1. Panzer

    Panzer Member

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    I am in processing of getting a divorce and selling the house owned with ex. We were married for 10 years (together 16 in total) with no kids. The house was bought 3 years ago with a gift of 60,000 from his parents. $30,000 respectively for the deposit on a $400,000 house. Is he entitled to receive more of the money in property settlement once we sell the house or is it 50/50 split after mortgage is paid out?
     
  2. AllForHer

    AllForHer Well-Known Member

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    A property settlement can be anything you want if you both agree to it. There's no rule for who is entitled to what, there's only a formula the court follows if you're unable to reach agreement and it's asked to do a property settlement.

    1. What's the total value of the 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?

    You should organise a family dispute resolution conference through Legal Aid or any other service that offers them, so that you and your ex can negotiate an agreement about the settlement.
     
  3. Panzer

    Panzer Member

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    Thanks my ex was telling me last night that legally he will get more because it's just recently been bought and he would win it in court as well. I was suggesting 50/50 on house as he has all furniture/shares and rest of assets.
     
  4. AllForHer

    AllForHer Well-Known Member

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    Sounds like he's just trying to intimidate you. He might have a valid argument if the marriage was only very brief, but ten years is not a short marriage. It doesn't matter that the house was only purchased three years ago, the bottom is line is that you both intended to benefit from its purchase jointly and for the rest of your lives.

    The furniture, shares and other assets are all considered part of the shared asset pool, as well. That would all be taken into account if he were to go to court, but considering the cost of legal proceedings for a property settlement can be anywhere up to $50,000 each, it's rarely considered worth it if you're only fighting over $20-$30k in assets.
     

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