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VIC Property Valuation after Separation and Divorce

Discussion in 'Family Law Forum' started by Baz, 17 August 2014.

  1. Baz

    Baz Member

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    Hi. I was married in 2000. In Aug 2007, I purchased a property "in my name only" for $150K , $7k deposit and the rest is a home loan. In Oct 2007 (that is 2 months after property purchase) I separated from my wife and moved out. I am paying child support since then for 2 kids.

    In Aug 2014 we got a divorce. My property is now worth 300K.

    In a property settlement, does the judge consider my equity of the property at the time of separation in 2007 ( 7K) or at the time of divorce in 2014 ( 157k) ?

    Thanks
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi Baz,

    There are a number of threads that talk about property settlement in separations/divorce situations.

    In short, the Family Court will look at, amongst other things:
    - What you have contributed to the house (including at time of purchase, mortgage repayments, maintenance)
    - Loan repayments (who contributed and from where)
    - Any support your wife gave to you during this time
    - Value of the asset now
    - Each partner's income and contribution to shared costs (household, children, bills etc)
    - Child support

    I would suggest having a read at these other LawAnswers Family Law threads (compiled by @rebeccag):
    - "Property Settlement if I Got a Divorce"
    - "Separation and Selling Family Home"
    - "New Husband wants half of everything - Where do I stand?"
     
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