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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5357
Experience:  Dip Law LPAB - Sydney based lawyer
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Short marriage 3.5 years total relationship 5.8 years I bought

Customer Question

Short marriage 3.5 years total relationship 5.8 years
I bought house 1 , 2 and 3 before marriage
Sold house 3 to developer initial contract before marriage but settlement was after marriage yielded 1m
Sold house 2 to purchase house 4 main home. No $ contribution from wife
We also have 2 kids - young
Before selling house 2 wife helped by attending location to do a Reno however house was purchased for 640k and sold for 830k rents cost I paid for 130k plus other cost profit was only 30k
Kid 1 is mildly autistic and I have take. Some time off work to go to doctors and therapy but wife does most and will claim most for the future and say cannot work full time. She is currently studying dip end and doing some free lance work that is ashoc as a corporate entertainer
Both kids are in day care 3 days week and I tend to the kids Friday night Saturday day and night and Sunday midday.
A lot of information but seeking guidance on asset split
Submitted: 1 year ago.
Category: Australia Law
Expert:  Patrick H. replied 1 year ago.
Hello and thank you for your question. When parties divorce under Australian Law the courts essentially divide the assets up as they deem fair having regard to various factors, chiefly the parties respective contributions to the relationship, but subject to special factors such as children. In a short marriage, such as yours, absent special factors, the court would try to provide for a split that reflects what the parties brought financially to the relationship, however, as you have children, and one has a disability, the court will likely make a very substantial allowance in favour of the mother if she is to be the primary custodian. How much of an allowance will depend on examining how much of the care of the children will impact on her ability to provide for herself (i.e. how much care the children will require, which in the case of an autistic child, will likely depend on expert evidence). Only a fully briefed lawyer familiar with your family history, current situation and all your assets and income information can give you a solid estimate of how your property would be split, but based only on what you have said, I'm left guessing that your property pool may be worth in the order of $2 million, and assuming she will be the primary carer, the court may award her 35 to 55% of the asset pool. If the asset pool is worth less than this, then her % entitlement will likely go up. It is also possible, particularly if your net assets are actually much lower than my guestimate, that the court could instead award her less assets, but order you to pay spousal maintenance to make up for the lack of assets, which is in addition to child support (which I will deal with below). but that will depend on your income levels, and is not usually the first choice for the courts which prefer to finalise the separation of the parties financial involvement as much as possible.However the assets are divided, or whether you are ordered to pay spousal maintenance, you would also be required to pay child support which is governed by a prescribed formula, and therefore if you go to the attached site you should be able to use the estimator to work out your likely child support obligations: http://www.humanservices.gov.au/customer/dhs/child-support Given the extent of your apparent assets I would advise either party to such a marriage to seek comprehensive legal advice before attempting to negotiate a property settlement. I trust the above assists. Please rate my answer. Patrick