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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42629
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I am about to divorce my husband. I have a deposit which

Customer Question

I am about to divorce my husband. I have a deposit which is the remains of a legacy sent to me by father when he died in 2006. I have been told that everything will be split down the middle. I may also mention that my parents also paid the deposit on the house. I don't think that will come into the equation but I am concerned about the money left to me by my father. Can you advise if I would be able to keep it. Someone told me to send it overseas or could I give it to one of my sons who is in Australia. Any advice would be most appreciated. Thank you.
Submitted: 7 months ago.
Category: Australia Law
Expert:  Leon replied 7 months ago.
Good MorningMy name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.The law applies the following 4 steps in property matters. 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 Husband 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 The money you received from your parents also is important. If it was a gift to you then it is dealt with as your contribution. If it was a loan you have to show that you have been paying it off and then it is a debt. The money you received in 2006 would be a contribution you made and if it was received during the marriage it would be part of the contributions you made and will be split. The longer the marriage the closer to 50/50 the split is. If you get rid of assets it will be shown s wastage and you will lose out on what is left here. You have to see a Solicitor and spend time going through the history of the relationship and contributions by both of you and get more detailed advise. This is only a guide. I hope this makes sense and is of assistance. If there is nothing further thank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon