How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Leon Your Own Question
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44898
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Type Your Australia Law Question Here...
Leon is online now
A new question is answered every 9 seconds

I am a retired 73 year old male who entered into a defacto

Customer Question

I am a retired 73 year old male who entered into a defacto relationship 10 years ago. Prior to my de-facto partner cohabitating with me I purchased a home in my name. My defacto retired from work shortly after moving into my home and lived rent free. I paid most bills. Is my previous partner entitled to a share of my real estate purchased before we cohabitated and to my superannuation which I lived on after she moved in with me
Submitted: 2 years ago.
Category: Australia Law
Expert:  Leon replied 2 years ago.
Good Morning, My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you. I can only provide you with information not legal advise. The simple answer is that there will be a split of all assets that you both own jointly and also separately. Defacto couples and married couples are treated the same. I cannot tell you what the split will be but the law allies the following stepsThe steps are:1. Consideration of whether a property settlement is necessaryThe first important consideration for the Court is to determine whether or not it is actually necessary to proceed with a property settlement.In the vast majority of cases, the Court will decide that it is just and equitable for there to be a property settlement or a change in the ownership of a property. However, in some cases, the Court will decide that each party should simply keep what they presently own.This may be because:the parties have decided to keep their financial affairs and arrangements totally separate throughout the relationship;the relationship was of a very short duration; orthe parties separated many years ago and have organised their affairs on the basis of an informal agreement since that time.2. Identify and value the assets and liabilitiesThis involves compiling a list of all assets and liabilities (including superannuation) that are in the individual and/or joint names of you and your former spouse/partner, and attributing a value to them.Values can be approximate or may be determined by way of a formal valuation, as they should be as accurate as possible. The result should be a table of assets and liabilities which your solicitors will use to determine the value of the total asset pool to be divided. It is also standard practice to establish what the asset pool was when you first started living together (which may have occurred prior to marriage) to work out any increase in asset values and to establish what each party brought into the relationship (referred to as initial contributions). 3. Assess contributionsOnce an asset pool has been established, your solicitor will ask questions about each party’s contributions to the asset pool.Contributions can be:financial (such as by way of income, mortgage payments or inheritances);non-financial (such as labour to undertake renovations); orby way of being a homemaker and parent.Contributions are usually calculated as a notional percentage, such as 50/50 or 60/40.4. Assess “future needs”Once contributions have been assessed, your solicitors (or the court) will consider what are referred to as the “future needs” of both parties. These include:the age and health of the parties;the earning capacity of the parties;whether one party will have the care of young children;the duration of the marriage or relationship; andany other relevant consideration. The assessment of future needs will impact the notional percentage reached in Step 2, so that the percentage split of the asset pool may increase or decrease in favour of one or other of the parties to take into account any relevant future needs factors.5. Is the division of assets just and equitable?Taking each of the previous steps into account, your solicitors, or the court, will then consider whether the final division of assets as proposed by the parties is just and equitable in all of the circumstances. This may involve assessing the practical effect of any proposed division of the asset pool. It is form the following link will be a split but I cannot tell you what the shares will be.I hope this makes sense and is of assistance. If there is nothing further thank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon