NSW separated under the one roof...why don't we be lonely together?

[Lonely together]

Hi all, quick snapshot:

Wife and I have decided to call it quits after 18 years, neither can fully provide what the other wants/needs.

We have 4 kids (3 at home), a big mortgage, very little income after loan repayments and living expenses.

As my Ex and I get on quite well, we have decided to try and do the 'live under the one roof' strategy, at least while kids are still at school. We are obviously going to have to negotiate a whole swag of changes, but my question goes to assets.

My wife earns significantly less than me, and if we do this arrangement, I am after advice on the best way to proceed. Namely:
*Do I take over sole control of mortgage, rates etc, and just get her to pay 'rent'? If so, should we get the house valued now, because if we sell in 5 years, won't she be getting half of the appreciated value, when she stopped contributing 5 years earlier? Is this even how it all works?

Any other advice on how to negotiate this tricky situation (splitting up while living in same house), I would love to hear your thoughts.

 

[AllForHer]

Okay, so if you do a property settlement by consent, it can be whatever you and the ex can agree on.

If you can't agree, and ask the Court to decide instead, the Court will ask four questions:

1. What's the value of the shared asset pool?
2. What are 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?

The house will fall under category 1.

If you decide to take over the mortage repayments, and mum pays rent, those contributions from each of you will fall under category 2.

As to valuing the house, the value of assets (category 1) is taken on the day of settlement, not the day of separation or the day one of you stopped paying the mortgage, so getting a valuation now isn't going to say much about a property settlement five years from now.

My advice? Get legal advice. You have to for most property settlements, anyway.

 

[Lonely together]

Good thoughts, cheers.

 

[Lonely together]

I will get some legal advice, but it seems odd to me that you can be separated under the one roof, with one person not contributing to the mortgage at all, and they still benefit from any appreciated value.