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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44849
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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My question is. If i move out of the house i own with my

Customer Question

Hi. my question is. If i move out of the house i own with my wife. Do i forgo my rights to that property? and also if i move in with my girlfriend is it wise to get a financial agreement in place before i do.
Submitted: 9 months ago.
Category: Australia Law
Expert:  Leon replied 9 months ago.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Expert:  Leon replied 9 months ago.

Good Afternoon.

You do not forgo your rights but you should commence proceedings to try and get a property settlement ASAP.

If you delay and she is paying the costs and you are not contributing after you leave this will work in her favour as the law deals with the values as at the time of the application not the time of separation. She could argue that she has been making payments since separation.

So if you intend to leave start the process at the same time.

The law will apply 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 Husband 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

I hope this makes sense and is of assistance. if there is nothing further Happy New Year and

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.

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Regards

Leon