VIC Property Settlement Issues - What to Do?

[Rod]

Family Law results are hard to predict in advance due to the wide discretionary powers of the court. All you can do is try.

The motivation of the other party is sometimes revenge and it is next to impossible to negotiate under this scenario.

Unfortunately I suspect what you say about the diminishing assets due to lawyer fees and other costs is likely to be true. The best you can hope for is to keep your costs as low as possible, ignore the bill your ex is running up, and hope to retain something of value at the end.

If the other party is not being sensible, keep your costs low by limiting the time and effort in negotiations and push for court sooner than later. The fact that you have valuations on property IS important. If the other party wants, they can obtain and pay for their own valuations. Nothing needs an agreed valuation when the other party is being unreasonable. Your lawyer will better advise how to proceed in your circumstances.

 

[GL1001]

Should I appeal the decision in my situation where the extra money I paid into the mortgage was not counted at all? Not one cent.

Using the logic proposed above, any person who stays at home and provides domestic services is not entitled to a cent in a property split because they don't earn any money.

I'm not saying not to try for it, I am saying just don't get your hopes up.

Yes you should appeal. Unless you were living in the property and paying the mortgage and your former spouse was independently renting her own accomodation. I highly doubt any judge on the bench of the FCC or FCA would fail to take this into account as a contribution

And no, s79(4)(b-c) deal with non-financial contributions. Generally for long marriages if one partner doesn’t work, the Court will still attribute them with a contribution of around 50% (unless there are reasons for not doing so)

Just to clarify the $200K was ALL contributed post separation. I would suggest that at the very minimum that these funds would rightly have come from a source that would be lesser in value to about this amount. And that this may be reflected as so during the valuation process of any assets that were the source for these funds? Ie a depletion.

Also based on what their barrister says is that any claims I make to values wont be considered unless mutually agreed on and that so far the other side has rejected even certified valuations. If this is the case then its going to take independent asset forensics and valuations to determine agreed costs. All great products and processes for keeping litigants busy with their costly document production? Those legal documents are as good as cash bonds, negotiable instruments!

Do appreciate your input.

If you are paying the mortgage on the home and living in the property, it would be included as a contribution by you but repayment for the business mortgage will.

In relation to the valuation, you should have sought Orders that each side provide one market appraisal of the property and the agreed price to be whatever the middle of those appraisals.

Also, in relation to letting her run up her legal expenses, while that it sometimes true, it can also be a wise investment to get legal assistance. If the net equity in the marriage is around $500,000 (arbitrary figure) and her lawyers assist her to get another 10-15% on top of what she should have otherwise received, that’s still $50,000 - $75,000 better off than had no lawyers been retained. Depending on the complexity of the matter, a matter could be run to final hearing for as little as $10,000 - $15,000. Worth the money in my opinion.

Edit: Also remember that she isn’t diminishing the assets by retaining lawyers. What she spends on her lawyers is not your burden. Keep an eye on her financial documents, should she seek to rely upon a credit-card liability which includes or legal expenses, or claims that her bank account is less because of her legal expenses - you should ensure that the sum is added-back into the property pool or removed from the balance sheet as a liability.

 

[Palmac]

Very good words offered here and I concur fully.

Another factor is that since it was appropriate that at separation I seek alternate living arrangements while the ex-wife and kids stay put, is that my accommodation has been, is, costing me $2,100 per month over the past 2.5 years to the present and that in that time her accommodation has cost her nothing as she has paid no rent and had made no mortgage payments or contributions in all that time.

And that in all that time I had been paying for both mortgages while giving ex $1000 per week on top. The $1000 per week family support only stopped after 73 weeks when the financial strain became to great.

During those first 73 weeks post separation a typical month for me would see me fork out $10,000 before any food, petrol or power was paid for!

I'm seeking 50% of the asset pool.

Also because I did not engage earlier the other party has been awarded "throw away costs" to the tune of $2150. I've been ordered to pay these before the January hearing. I guess not much I can do about that ?

 

[Palmac]

GL1001
No I'm not saying it's the legal fees she's racking up that will diminish the asset pool, these are of course her expenses after all.
No no.....it's more the fact that during this time the house is not being sold and is steadily falling in value with each passing month. The equity is falling.

IMO if the ex cannot afford to purchase the home from me then the home must be sold and proceeds be held in trust while the settlement process continues.

The other party claims that the business is worth $800,000 so they offer that I will get to keep that, but the factory is to be sold as to the boat, then these funds will be used to pay off the mortgages and then the ex walks away with the house outright and paid for, while I walk away with a business claimed to be worth $800k only with no premises to operate from.

In affidavit that's what the other party seek!!!!