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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42631
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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A 60 yr old man ( worth 1 m ) in a relationship .5 years

Customer Question

a 60 yr old man ( worth 1 m ) in a relationship for 2.5 years with a 44 year old woman ( worth 200,000 ) ends the relationship what is his or her obligations financialy
JA: Because laws vary from state to state, could you tell me what state is this in?
Customer: NSW
JA: Have you talked to a lawyer yet?
Customer: no
JA: Anything else you think the lawyer should know?
Customer: no kids either side
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 5 months ago.
Category: Australia Law
Expert:  Leon replied 5 months ago.

Good Evening.

My 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 advise but a guide to assist you.

It is a very short relationship and you would both walk away with what you have come into the relationship.

If she has made financial contributions towards your assets and you towards hers you would each get that back.

It is not long enough for anything more
The law applies the following 4 steps in marriages and defacto relationships.

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

But being a short relationship financial contributions are the main elements.

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.

Regards

Leon

Customer: replied 5 months ago.
if those values were right at the start of the relationship do they stay that way
you say its short, what is a long or at what point does it become a longer relationship
Expert:  Leon replied 5 months ago.

Once a relationship gets to about 8 years does it start to take into account future needs etc.

2 years is a very new relationship and any party would have difficulty proving they have made contributions and because of the relationship they should be paid for future needs.

The court would not grant a split.