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.
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.
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.
Are matrimonial assets split 50/50? No, this is a common misconception. 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.
As a general rule, a marriage which has lasted less than 5 years is considered to be a 'short term' marriage. What does a short term divorce settlement look like? The general principle is that the matrimonial pot should be divided equally upon divorce. The starting point is a 50:50 split of the matrimonial pot.
In the majority of cases, a 50/50 split is often the starting point. Fairness is the key to dividing assets including savings within a divorce, but it's important to understand fair doesn't always mean equal. Some factors that are taken into consideration are: Income.
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.
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.
After they are divorced, the wife has the right to ask for maintenance and livelihood costs for her and her children, however, she cannot ask for the property in a divorce settlement. For example: The husband buys an apartment for his wife and himself after they get married, and it is registered in his name.
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.
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 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.
While a 50/50 split is rare, you are more likely to end up with a 60/40 or even 70/30 divorce settlement. The most common percentage split in the division of assets in Australia is 60/40.
That's because the couple is still legally married, meaning the spouse who can pay spousal support has a legal obligation to support the spouse who needs it. Divorce for a short-term marriage, particularly when there are no children involved, could take about a year to complete.
Evidence of being separated may include: You slept in separate bedrooms. You didn't cook or clean for each other. Didn't attend social functions together.
No, your spouse cannot force you to leave the family home if you do not want to. Even if the house is in your spouse's name, they cannot simply make you leave as you normally have the right to stay in the property.
Usually, it seems as though the woman is the one who gets the better end of the deal. While many men are quick to say that their ex-wives took everything, including the dog—or that is what many country songs lead you to believe, anyway—the truth is that women often fare worse in a divorce.
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.
According to the Central Information Commission (CIC), the answer is 'yes'. The appellate body recently directed the Income Tax Department to provide a woman with generic details of her husband's net income. Details of the case, which is related to marital dispute, were shared by the Financial Express.
During separation, who pays the bills? As a general rule, household bills should be paid in exactly the same way for the period between separation and divorce, as they were during the course of the marriage. This applies to all the usual types of household expenditure, including: Mortgage/rent payments.