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Answered in 7 minutes by:
7/21/2011
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience: Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
VerifiedDeborah Awyzio :
Depending on the length of your marriage, it does not appear that it would be a 50/50 settlement of property.
Deborah Awyzio :
The court adopts a four step process to determine the percentage property split.
Deborah Awyzio :
Step One: Determine what assets and liablities form the property pool and their value
Deborah Awyzio :
Step Two: Consider the contributions of each of the parties to the assets.
Deborah Awyzio :
It appears that you made a signiciant initial financial contribution which will be considered by the court. However the longer your relationship the less signficance is afforded to this initial contribution. The fact that you have contributed more financially may be balanced by more non-financial contributiosn made by your wife.
Deborah Awyzio :
Step Three: Consider each of your future needs.
Deborah Awyzio :
This includes consideration of your respective ages, income earning capacity, care of children.
Deborah Awyzio :
Step Four: Make orders that are just and equitable for both parties.
Deborah Awyzio :
For protection you can enter into a binding financial agreement which provides for how assets are divided in the future in the event that you separate. Each of you would have to obtain independent legal advice and have your legal advisors sign a certiicate which is attached to the agreement.
Customer:
we have been married for about 12 yrs
Customer:
but is there a vehicle that i should set up to buy future assets in to keep them for my child? (we are both 50) or is there no point as the court will take the view that both of us have purchased them?
Deborah Awyzio :
No use setting up a vehicle for future purchase of assets as the court can look behind any structure and still find that you are the legal owner.
Customer:
ouch!but thanks
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience: Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
VerifiedDeborah Awyzio and 87 other Australia Law Specialists are ready to help you
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