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NSW Property Settlement - Options?

Discussion in 'Family Law Forum' started by julio lopez, 9 September 2014.

  1. julio lopez

    julio lopez Member

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    Hi guys. My wife and I have separated ( separation). The house has now been sold. We were supposed to sort out the money that was left after paying off the mortgage ourselves ( property settlement), but then I got a letter stating she wants 70% and I get 30% from the solicitor and that I got 7 days to agree or not. What do I need to do or what options do I have given that I only got 3 days left?
     
  2. Safety Rod

    Safety Rod Well-Known Member

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    Julio, I am not a lawyer, but can say you need to get some legal advice on your issue. Other than that, you should arm yourself with some knowledge of the subject of financial settlements in your state. Look up websites and portals to Family Courts, legal aid etc in your state, such as:

    http://www.familylawcourts.gov.au/wps/wcm/connect/FLC/Home/Getting+Help/
    http://www.legalaid.nsw.gov.au/

    Don't sign anything until you get some advice!!!! Don't worry too much about the 7 day timeframe, it has no legal weight or meaning as far as I know. I am sure actual lawyers can advise on the timeframe in this forum. If you see anything named "final orders" or "draft orders" and such like (any document with the word "orders" in the name or title), be extremely wary of signing them without proper legal advice.

    Also, if you intend to get a lawyer to act on your behalf, be wary of contracts and/or terms provided by lawyers / legal firms. Make sure you read them and if you don't understand them, don't sign until the lawyers or somebody answers any questions you might have. Never forget the lawyer, if you hire one, operates under your instructions, not their own or anyone elses.
     
  3. Sophea

    Sophea Well-Known Member

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    Dear Julio,

    I agree you should probably seek legal advice, and don't be too concerned about the 7 day time limit. From the information you have provided, this time limit only applies to the "offer" that your wife's solicitor has made. So in other words, it sounds to me like the offer of 70% - 30% split will no longer be available if you don't accept it within the 7 day time frame. Doesn't sound like any great loss. It is open to negotiation, and you can make a counter offer.

    The most cost effective way of reaching a property settlement is by negotiating it yourselves, however if you cannot agree and apply to the court to divide your assets then the court will look at the contributions and ongoing financial needs of each party and split the assets as it deems fair and just. Has your wife provided reasons why she believes she should have 70% of the proceeds from the sale? Did she make significant contribution to the mortgage? Does she have primary care of your children? These are also matters that a court will take into account if it is going to divide your assets. So try to think objectively about this and try to reach a consensus before legal fees eat into your assets.
     

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