NSW Property Settlement - Property Sold Money in Bank?

Discussion in 'Family Law Forum' started by Dave Edwards, 9 November 2018.

  1. Dave Edwards

    Dave Edwards Member

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    Hi,

    My ex and I are in the process of agreeing asset spits etc prior to court orders for the financial and property settlement. We sold a jointly owned property and with her written agreement due to banking issues the money was transferred into an account in my name only. I'm more than happy to give her half of the sale money but she is demanding it now in advance of any court order. I feel that it is best to leave the money sat where it is audit able with no one benefiting from it or using it till the court orders are in place.

    My question is, do I have to hand over this joint asset money in advance of the court order as I feel that we need the total asset pool to be realised and put through court before this is split and paid out to either? Neither of us needs the cash to survive so it's more that she wishes to have her half now. My argument is that once we get into court we can then both take our shares and move on.

    Is there a legal requirement to settle joint liquid funds in advance of a court order and if not as the account is completely auditable can the money remain there or should I at additional cost transfer it to a jointly agreed solicitor's account to hold pending the financial settlement?

    I welcome any input.
     
  2. sammy01

    sammy01 Well-Known Member

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    Do nothing. Let it sit in your account. Asset division is done at time of settlement. So hypothetically you give her half. She spends it at the races and it is gone... Sure you can argue she blew it... But you can avoid having that argument by simply waiting.

    Are there kids involved?

    How far from an agreement are you? Why can't you sort it without court?
     
  3. Dave Edwards

    Dave Edwards Member

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    Thanks for the input. Yes there are kids involved but she earns more than me and the kids are 50 50 week on week off between us both. The kids are in their teens, hence that some of those other factors that would normally be an issue I would consider outside of the immediate financial concern, but I may be wrong.

    As to how far are we from an agreement, "how long is a piece of string". My ex left me for another guy (I have no issues or concerns with this and just want to get everything settled and finalized so I can move on. It would appear that she isn't concerned with completing the financial settlement and childcare plan as she is in her words "Too busy" so I feel it will probably end up in court just to get it actually done.

    Personally I just want it finalised and orders documented and pay whatever the amounts are (I expect 50 50 ) and move on with both our lives. So hence if the money can be held in escrow until the orders are in place it may make this an important item for the ex.
     
  4. sammy01

    sammy01 Well-Known Member

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    Good idea. But try to avoid court. So now she has a reason to come to an agreement and get it formalised, hopefully she'll start playing a bit more nicely
     
  5. Dave Edwards

    Dave Edwards Member

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    Sammy Thanks for that so just to paraphrase so I understand,

    1. Keep the money in an account that neither can / will draw upon until settlement is stamped in court.
    2. Keep attending mediation until a settlement is agreed - (The reason I question this is so far since the first mediation meeting I'm waiting on her to provide inputs to finances and childcare plan.)
    3. Sit back breath deeply and allow her to continue to delay / be busy as its not harming anyone other than both our abilities to get out and get on.

    Has anyone else had a similar situation where the X was all hurry up and when you are ready to document and settle then has started dragging their feet. Is their any time limits before this becomes an issue?

    Thanks
     
  6. sammy01

    sammy01 Well-Known Member

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    1. Yup

    2. Hell yes - In fact refuse to discuss anything other than the kids. After they are more important than money, aren't they? Now ask the ex the same question

    3. Yup deep breathing. Good idea. Not breathing bad idea.

    Similar situation? Yup. 12 month time frame from time of divorce. But there are exemptions that she could apply for...

    Relax. So what access do you want with kids? What is she offering?
     
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