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NSW What is a Fair Property Settlement Between Me and My Wife?

Discussion in 'Family Law Forum' started by teedubsyd, 17 December 2015.

  1. teedubsyd

    teedubsyd Active Member

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    My wife & I have separated & I am hoping to find out what a fair property settlement would be in our circumstances. I worked & supported her financially throughout the relationship. She contributed $2000 early on in the relationship & I had $5000. She did 95% of the housework & cooked. We don't have children & have been married for 6 years, together for a total of 7 years. I paid for her visa application, & my parents contributed a $5000 gift.

    Also, does income earned since separation form part of the 'marital asset pool'? When calculating the split, is money earned since separating included? Also, would she be entitled to a split of superannuation, & if so, would it be based only on super earned during our time together?

    Thanks :)
     
  2. Sophea

    Sophea Well-Known Member

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    Hi teedubsyd,

    Each case is different. If your assets were to be split by a court, it would take into account a variety of factors and determined each party's entitlement on a case by case basis having regard to:

    1 the total value of the joint asset pool
    2. the financial and non-financial contribution of each party
    3. the future needs of each party; and
    4. what type of the settlement would be just and equitable?

    The court will consider all income in its context. Therefore post-separation income can form part of the shared pool. Usually a court will include the income if it was earned as a result of the partnership where the income was built by both parties or money was acquired from joint assets, however where it is independent income, the court may not place as much emphasis on it.
     
  3. teedubsyd

    teedubsyd Active Member

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    In terms of income earned post seperation, I am talking about wages from my job.
     
  4. sammy01

    sammy01 Well-Known Member

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    Can you give us some figures on assets etc. Based on what you've said, my suggestion would be that it is not worth fighting over. So you could just file for divorce. 12 months after divorce is sorted it is pretty hard to open a case for asset division and probably would not be worth her while. So each party takes what they brought in....

    A departing gift of a few grand in lieu of some of your superannuation might be a nice idea...
     
  5. teedubsyd

    teedubsyd Active Member

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    Hi Sammy01,

    I was actually wondering about that, what would happen if we divorced & the 12 month period passed. I am assuming no claims could be made?

    In terms of assets, value of the property is $415k with a mortgage of $330k. Current value of house hold items is around $2500. I have money in the bank, 90% of which has been saved since we sepetated, since saving when you are supporting two people on one income is very difficult. My super balance is $92k, roughly $40k of that was earned during our time together.

    Any help is appreciated :)
     
  6. sammy01

    sammy01 Well-Known Member

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    OK so there are two ways to play this.

    1. The not nice way - by the way. is the house in both names? Because if it is then the not nice way wont work. So get divorced and wait 12 months if she doesn't make a claim then you keep yours and she keeps hers, because it was a realatively short relationship that kinda sorts is what should happen, But nothing is ever definite in family law.

    2. Organise an agreement with her, both parties get independent legal advice and consent orders get written up. Giving her say $10 000 - $15 000 cash as a sweetener might be a good idea in the hope to avert court... You will have to do it this way if the house is in joint names...

    the dumbest thing you can do - offer her $10 000 - $15 000 cash to go away and not get solicitors involved. If you do that, she can still come after you down the track for more money and the $10 000 - $15 000 grand will be down the gurgler.
     
  7. teedubsyd

    teedubsyd Active Member

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    The house is only in my name.
     
  8. sammy01

    sammy01 Well-Known Member

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    Then it is up to you. The plan A I've mentioned earlier would work. It basically means she will have to take the initiative to get the to court. So 12 months after separation, file for divorce. If you don't hear anything for another 12 months you're in the clear. If you do, then get back to us then...

    Mate, I reckon you've dodged a serious bullet.
     
  9. teedubsyd

    teedubsyd Active Member

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    Hey Sammy01,

    I hope you are right. Unfortunately, she still lives with me & apparently has a legal right to stay. I am considering selling the place, then at some point file for divorce. It is tempting to just lock her out, but I don't want to break any laws & create problems for myself.
     
  10. sammy01

    sammy01 Well-Known Member

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    Ouch - makes for a nasty game of cat and mouse. How do you get along atm? Is it obvious it is over? You can be separated under the same roof and if she agrees that you've been separated for 12 months and she'll help you with the paperwork, you can file for divorce tomorrow.

    Based on the length of the relationship, you should both walk away with what you brought in. But 7 yrs is not quite a short marriage, but it isn't a long one either, so you're on the cusp. You have a greater earning capacity...

    Look, if there is one thing I've learnt is that suggestions from places like this are one thing, but nothing is better than proper legal advice, and the fact is the solicitors always get their share. Might be time to see a solicitor if you really want to be able to move on.
     

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