Hi,My husband and I have been together for 23 years and married for 15.We are not seeking a divorce but I am wondering if it is a good idea for the house to be in his name only. All the loans we have had have also been in his name. We do have a joint bank account but for the most part I work in the home. What hapeens if we did divorce?
We have discussed divorce in the passed but I don't think it is imminent. I would just like to be able to plan for my and my childrens future if this does happen
Step 1: Determine what the assets are and their value
This will include all assets and their value as at the day that you are dividing them. It does not matter whose name the assets are in, they will form part of the matrimonial pool. Superannuation entitlements are also included.
Step 2: Determine what contributions you and your spouse made towards the assets.
This includes a consideration of both financial and non-financial contributions. Consideration is given to what assets each of you brought into the marriage as well. The weight given to your initial contribution will be dependent upon the length of your relationship. The longer the relationship the less weight given to the initial contribution.
Step 3: What are each of your future needs.
Consideration is given to your respective ages, your comparitive income earning capacity as well as other factors.
If these things don't balance equally for each spouse, then an adjustment is made in the percentages.
Step 4: Make an order that is just and equitable between both spouses
You really should be speaking to a solicitor other practices in family law and providing him with full details of all the assets of the marriage and debts. They will then be able to advise you more regarding what your share would be.
I hope this is of assistance. If you have any further queries please not hesitate to contact me.
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We have 3 children under 15 years. My husband makes over 300,000 a year and I do not work at all. Even if I did work, I would be lucky to earn 40,00 a year as I am not college educated. I started dating my husband when he was still in college so everything we have, we have aquired during our time together even though I have not made huge financial contributions. Will this affect how things are done thru the courts?
BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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