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Answered in 1 hour by:
1/7/2014
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Afternoon
My name is Leon and I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
It is not a simple matter of telling you what you are entitled to.
Provided you did not separate more than 2 years ago you can make an application for a property settlement.
Being a long relationship the starting point is 50% to each of you. If there is a child under the age of 18 and the child is with you then you will get a greater share.
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 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
The laws ware the same for married couples as well as defacto couples.
I hope this is of assistance and makes sense.
Is there anything else I can assist you with?
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