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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43730
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I currently have 50% ownership of investment property with

Customer Question

Hi
I currently have 50% ownership of investment property with ex-partner having the other 50%. We have gave tenants notice to vacate and ex-partner is going to move into the house.
If we were to sell the property we would not make any profit due to fallen prices.
Ex partner wants me to sign my share of house to him as he will be laying the mortgage. Would I be entitled to my share of the deposit back? No equity on the house
Submitted: 8 months ago.
Category: Australia Law
Expert:  Leon replied 8 months ago.

Good Afternoon

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 but a guide to assist you.

How long have you been separated and had you contributed the same amount to the property?

Customer: replied 8 months ago.
We have been separated since Jan 2016 however living in the same rental property but no chance of reconciliation therefore now officially sorting things out.Yes, I have contributed 50% of deposit and all other expenses
Expert:  Leon replied 8 months ago.

Good Afternoon.

Can I ask how long you were together?

Are you prepared to give him your share and what is the amount owing on the mortgage?

Do you not want to contribute to the mortgage anymore?

Customer: replied 8 months ago.
Together 15 years. Had the mortgage aince purchasing the property in 2012.I cannot afford to contribute to the mortgage anymore.Mortgage outstanding $380,000. No equityNot happy just to sign over my share without any financial gain to me......
Expert:  Leon replied 8 months ago.

Good Afternoon

I would not be doing what he wants. It is a long relationship and you are entitled to more than that.

You will need to see a lawyer and get more detailed advise on this.

As a defacto you are entitled to the same as a married couple.

The law applies the following 4 steps

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 law looks at all assets and liabilities and then splits them.

You should see a solicitor give them a history of the relationship and they will tell you what they think you should get.

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