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Answered in 29 minutes by:
9/13/2009
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedHICustomer
I assume the business is owned by your husband.
All assets owned by the husband and the wife are assets of the marriage. Including businsees shares money in bank accounts etc.
Anything you each have in your names jointly or separately
In splitting the property the following steps are followed
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 Wife 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 would look at how to divide the assets to achieve the percentage division arrived at after the first three steps. Such as is the house sold, or retained by one spouse who pays the other out, does there need to be a superannuation splitting order, etc
It is not possible to provide you with a percentage range of expected property settlement without a proper consideration of all the factors in each of the four steps set out. I recommend that you make an appointment with an accredited family law specialist for a one to two hour consultation as they will then be able to provide you with initial advice of the percentage split to expect.
I hope this is of assistance and if so please click on the accept button
I assume the business is owned by your husband.
All assets owned by the husband and the wife are assets of the marriage. Including businsees shares money in bank accounts etc.
Anything you each have in your names jointly or separately
In splitting the property the following steps are followed
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 Wife 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 would look at how to divide the assets to achieve the percentage division arrived at after the first three steps. Such as is the house sold, or retained by one spouse who pays the other out, does there need to be a superannuation splitting order, etc
It is not possible to provide you with a percentage range of expected property settlement without a proper consideration of all the factors in each of the four steps set out. I recommend that you make an appointment with an accredited family law specialist for a one to two hour consultation as they will then be able to provide you with initial advice of the percentage split to expect.
I hope this is of assistance and if so please click on the accept button
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