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i have been married for 16 years annd we have approximately

4 million in assetts but...
i have been married for 16 years annd we have approximately 4 million in assetts but because my husband had property before our marriage and we only built our home together 8 years ago which is worth approx 2 million i would like to know is it possible to place a caveat over this property because i am now in tasmania with my children and he is saying that i will get nothing. i am very worried. i had legal advice before leaving the marriage home and was told that i would be intitled to somewhere between 20 and 30% if it goes before a judge. but i am worried about him retaining the home.
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Answered in 21 minutes by:
6/19/2013
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,455
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
Good Morning,

Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.

You cannot if it is for the purposes of a property settlement under the Family Court Act.

If You Have Concerns You Can See a court order that the property not be sold or if it is sold that the proceeds are held in trust pending the property settlement.

Just to inform you, it is a long marriage and irrespective of what he came into their relationship with, everything will be part of the asset pool and split.

In property settlements the court and the law applied the following 4 steps in determining what split should be.

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

If they were children of the relationship, and the wife looked after the children her non-financial contributions as homemaker with a 16 year marriage would be almost equal these financial contributions and the split would be close to 50-50.

If there are still children under the age of 18 the wife would get an adjustment in her favour because she still has to raise the child.

You will need to get more detailed advice from a solicitor the practices in family law about your entitlements, and if the marriage is over we do not have to wait for a divorce to finalise the property.

You may also be entitled to spousal maintenance if the husband was the main breadwinner and you did not work.

But in relation to the Caveat, it is not permitted if it is for a property settlement and to protect your interests for a property settlement.

Is there anything else I can assist you with?

 

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Customer reply replied 4 years ago


thankyou there are no children and i am 60 years old and he is 58 i am currently claiming a widows pension and he is earning 200 thousand a year in working and rental income

Customer reply replied 4 years ago


thankyou there are no children and i am 60 years old and he is 58 i am currently claiming a widows pension and he is earning 200 thousand a year in working and rental income


 


what should i do as far as time frame to get a divorce and settlement underway

Good Afternoon,

You are entitled to make an application for spousal maintenance and it should be speaking to solicitor that practices in family law to get their application in as soon as possible.

Would you like me to provide you with the details of the Law Society of Tasmania so that they can give you a referral?

You can commence your application for a property settlement now there is no time frame that you need to wait.

In relation to a divorce you must wait for months and one day from the date of separation before you can fire application for divorce.
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Customer reply replied 4 years ago

Yes please and I didn't know about spousal maintenance and how does that work


 

Customer reply replied 4 years ago

How many months before applying for divorce?


 

Good Morning,

You must wait 12 months and one day from the date of separation before you can apply for the divorce.

For spousal maintenance it is an application with the court and you can do that together with the property application which can be made at any time after separation. The sooner you make the application by the better.

Would you like me to provide you with the details of the Law Society of Tasmania?
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Customer reply replied 4 years ago

Yes please

Good Morning

Their website is as follow:

http://www.taslawsociety.asn.au/web/en/lawsociety.html

I am happy to have been of assistance.

I hope this is of assistance. If I have missed anything, or you have any further questions please let me know before leaving any feedback.

If I have assisted please do not forget to leave me with positive feedback.

Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,455
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
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Leon
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Satisfied Customers: 45,455
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