NSW Separation with Wife - How to Divide Assets in Property Settlement?

[Colint50]

I am considering separating from my wife - all of our children have grown up and left, and both of us have retired as we are in our late sixties. We have no mortgages or loans outstanding. I was proposing to split all of our assets 50/50 in property settlement after selling our two properties and share costs for divorce, etc. I would also split private pension that I have, equally.

Is this considered to be fair and equitable? I want to ensure that everything is fair given this late stage of our life, so I would appreciate any help on how to divide assets.

Many thanks

 

[Sophea]

Hi Colint50,

There are no hard and fast rules about what is fair in terms of property settlements. If a court were asked to come to a fair and equitable settlement it would first calculate the total asset pool, then consider the financial and non financial contributions of each party and then each party's future financial needs taking account of any special needs they may have. In your case much of this is simplified as children have left home and you are both retired.

What you have proposed sounds fair to me but I don't have a thorough understanding of your circumstances, so I cannot guarantee that it is what a court would determine to be fair and equitable.

 

[Colint50]

Thank you for your comments. I am aware of the contributions of each party as you mentioned, however, it's been a long time now since I ceased work and my wife has not worked, however one would assume the contributions would be regarded as equal, hence the plan I proposed.

I had hoped that I could have done a financial agreement and then just have it signed off by solicitors and then have it "stamped" as a legal binding arrangement, without a court determination, other than the agreed stamping.

I can't think of any other arrangements that would apply in these circumstances?

 

[sammy01]

The divorce is cheap - about $800. Not a big deal.

Both parties have to get independent legal advice before an asset division can happen and be legal. Based on what you're saying you're gonna make sure both parties get 50% of combined current and future income /. assets / shares etc. Seems fair enough based on the info provided... So you should be able to achieve that with only a few grand spent on solicitors. They always get their share even though they don't deserve any share....

So I'd be thinking that any reasonable solicitor will advise your partner that what you're proposing is fair.

I'm guessing you have not told her yet? Why not think about a trial separation? Look if she agrees to the asset division it will be easy. If she disagrees, you'll probably regret the decision to separate.

I'm guessing there is nothing you've not mentioned like you just won lotto or picked up a huge inheritance.

I hope my thoughts help.

 

[Colint50]

Thank you so much for the help. I have told my wife what I believe should happen, however, as she doesn't understand legal matters too well, she is confused and then gets a bit worked up, and says she should see a solicitor and see what should happen. She does agree that the split should be done fairly, and at some times, she can see my logical plan....unfortunately emotions come into it, and understandably, but at the end of the day, we just have to deal with facts, when it actually happens.

Much appreciated.

 

[JS79]

A lawyer can do binding financial agreements and most can do for a fixed price as long as it is simple. However in regards to a binding financial agreement - as it is not filed in the court the court can overrule it.

Consent orders drafted by a lawyer are slightly more expensive but as they are filed in the court they are more likely to be followed and not overturned.

 

[sammy01]

Mate, maybe paying the $500 for her to see a solicitor for an hour might be a good idea so at least she can be comfortable that she is getting independent advice.

 

[Colint50]

Thanks for the responses....a consent order may be the better way to go, and as each party has to obtain independent advice, both sides can then question any concerns.

Many thanks

 

[N Knight]

In my experience getting a consent order that is filed in Court is easier and less stressful then a BFA.
I am presuming your relation has been over 30 years. The Court will approve a 50/50 split of assets including superannuation provided there are no major issues such as health etc..