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Answered in 1 day by:
8/10/2011
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Evening
If we take the fact of the TPD out of the equation and you were still working your superannuation would form part of the assets to be split.
So in this case is the court was to split the assets it would possibly split the super but not the insurance.
The biggest issue on what percentage you get is future needs. You have greater need than your wife and I would say you would get more than 50%.
The law applies the following 4 steps in property splits.
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 spouse 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.
You should go and see a family law solicitor and show them everything including medical reports and they will be able to give you a better indication on what you should receive.
Get a referral from the law society of NSW
http://www.lawsociety.aom.au
I hope this is of assistance and if so please click on the accept button.
Good Morning
That I cannot say. You would need to read the ruling. Under the rules of super thought she would not be able to have it until you reached the proper retirement Age. You may be able to access it for yourself but maybe not for her.
In any settlement if you gave her part of your super you would ensure that any tax payable if she was to get a share would be taken out of the amount she was to receive and not paid by you.
I hope this is of assistance and if so please click on the accept button.
That I cannot say. You would need to read the ruling. Under the rules of super thought she would not be able to have it until you reached the proper retirement Age. You may be able to access it for yourself but maybe not for her.
In any settlement if you gave her part of your super you would ensure that any tax payable if she was to get a share would be taken out of the amount she was to receive and not paid by you.
I hope this is of assistance and if so please click on the accept button.
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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