In Case Of Divorce, Who Gets What, Australia? If the parties cannot decide how the assets are to be decided, it's left up to the family court to decide. As per the law, there's no strict formula for a divorce settlement in Australia. Contrary to popular perception, there's no 50-50 split rule.
The most typical division, however, is a 60/40 split. This typically happens when one person makes more money while the other has a greater share of the obligation for caring for the children after the divorce, or may have a limited ability to earn money or less superannuation.
Well, no. In Australia there is no right for either spouse to get half of the property or marital assets from the marriage. In this article, we dissect this 'equal division' or'50/50' separation myth and explain the actual rules for property settlement in Australia.
Most property proceedings result in a division of 55 to 65% in favour of the economically weaker spouse, historically the wife, before payment of legal fees. Nevertheless, the outcome of your property settlement will depend upon your practical circumstances, judicial determination in this field being discretionary.
It is not a rule that matrimonial assets be split 50/50 on divorce; however, it is generally a starting point. The court's aim is to divide assets in a way that is fair and equal, but this does not necessarily mean half and half.
A Fair Share of Assets
The longer you and your partner were married, the more likely it is that you have tons of intermingled marital assets that need to be separated and divided. If your marital assets include businesses, antiques, or real estate, ensure that you are getting a fair hand in the division.
The court gives utmost importance to the duration of the relationship while determining how the assets are divided in Australia. It's quite possible that one spouse made a significant financial contribution to the marriage.
Practical steps to help protect your assets
Keep your property and finances as separate from those of your partner as possible. Hold separate bank accounts. Contribute equally (or at least by clearly agreed shares) to household expenses. Avoid having your partner work in your business.
Both you and your spouse are equally entitled to live in the marital home during separation – ownership of the property is not relevant. Anyone can also leave the marital home during separation but no one can be forced to. This means you cannot make your spouse leave and then change the locks.
A court will generally take the position that debts accrued during the relationship, either jointly or individually, were for the mutual benefit of both parties with mutual knowledge or consent of the other party and therefore responsibility is shared by both parties.
You don't have to split your income 50-50, but you should aim to pay what you can towards your ex-partner's bills and living costs until they can bring in more money on their own. It's important that any agreement is fair on you both.
Australia has a 'no-fault' divorce system. This means you don't have to say or prove that someone has behaved badly to apply for a divorce. The easiest way to apply for a divorce is to complete an online application on the Commonwealth Courts Portal. You need to register to use the Portal.
Typically, when both parties earn an income, and one needs to pay rent elsewhere, a common arrangement when someone leaves the family home is for the party that remains in the home to pay the mortgage repayments, with the person leaving paying rent at the new accommodation.
In a divorce, a wife is entitled to 40% of all assets that were accumulated during the marriage, unless a court order says otherwise. There is a difference between community property and separate property though and it must be noted.
As well as pension plans, investments, savings and high-value possessions, non-matrimonial assets can include inheritance, family businesses and property purchased in your own name, rather than jointly with your spouse.
Both you and your spouse or ex-partner are entitled to live in your home after separation regardless of whose name is on the rental agreement or the title of the property. You cannot be forced to leave just because the property is not in your name, unless the court orders it.
For better or worse, a spouse's infidelity rarely impacts legal issues related to divorce or the process leading up to it. Australia uses a "no-fault" divorce system. This means neither party is considered legally responsible in a divorce.
To file for a divorce in Australia, you need to pay $940 to the court. However, you may be eligible for a reduced fee of $310. This is the minimum cost of any divorce.
A divorced spouse must have been married 10 years to get spouse's benefits. See Retirement Benefits: Benefits For Your Spouse for more information.
What Is a Walkaway Wife? Also referred to as the "neglected wife syndrome" and "sudden divorce syndrome," walkaway wife syndrome is "nothing more than a term used to characterize a person who has decided they cannot stay in the marriage any longer," says Joshua Klapow, Ph.
Anytime two individuals are joint owners of a bank account, they share equal rights to the money. Either person can freely make deposits – or withdraw funds – without express permission from the other. That means technically, either one can empty that account any time they wish.