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Hi, My husband and I have been together for 23 years and married

 
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  • Answered by:Sydney-Lawyer
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Customer Question

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?

 

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State/Territory: NSW

Already Tried:
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

Submitted: 315 days and 1 hours ago.
Category: Australia Law
Value: AU$93
Status: CLOSED
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Expert:  Sydney-Lawyer replied315 days ago.

Good Evening,


Because of the length of the marriage, and assuming your financial resources are equal and your children are over the age of 18 the law as it currently stands would give you 50% of all assets of the marriage whether they are in joint names or in individual names.

He cannot walk away with the house and give you nothing. If the matter was to go to court the Court would give you 50%.

If there was a disparity in income, your ability to work was less than his and you had children under the age of 18 then the court would make an adjustment in your favour and give you more than 50% of the total assets.

I cannot tell you any more than this. The law applies the following 4 steps when splitting property.

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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Customer replied315 days ago.

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?

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Expert:  Sydney-Lawyer replied315 days ago.

Good Evening,


What you have just told me indicates that the court it was to go there would give you more than 50%.

Depending on the value of the pool of assets will determine what type of adjustment the court would make.

If it is all calculated and the net value is in the vicinity of $100-$250,000 the court would give you one adjustment of about 15 to 20% meaning you would gets up to 70% of the total assets.

The fact that you have not made huge financial contributions is irrelevant

Because of the length of the marriage your non-financial contribution as home maker and carer are treated as equal to his financial contributions.

As I mentioned above the court will get everything when making the split. The fact that you are not able to work and cannot work by also entitle you to receive spousal maintenance.

I hope this is of assistance. If you have any other queries please do not hesitate to contact me.

Having answered your question I would like to explain how I am paid for my work. The rating given by you, for my answer will decide whether or not I will be paid for my work.

At the end of this post you will see 5 faces asking you to rate my work. Selecting either of the 2 the unhappy faces means you are not happy with my answer and do not wish me to be paid for my work. The other 3 mean I am paid.

I would prefer you rate me at the very end of our session not after each response. This way I can be sure you have an answer that assists you and you can rate the whole experience.

If you want more information after I respond, or wish to have something cleared up, select "Reply so Sydney-Lawyer" or "Reply to Expert" and we can continue until you are satisfied.

I am here to assist you as quickly as possible, and you rating each post will delay the process as it does not tell me what the issue is. I would prefer you ask me questions than rating the response and not providing me with further questions.

Expert TypeSolicitor
Category: Australia Law
Pos. Feedback: 96.1 %
Accepts: 16942
Answered: 7/6/2012

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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