Remove this Banner Ad

Advice Needed Regarding Divorce Laws

  • Thread starter Thread starter 1981
  • Start date Start date
  • Tagged users Tagged users None

🥰 Love BigFooty? Join now for free.

1981

1981

Norm Smith Medallist
Veteran
Joined
Oct 21, 2008
Posts
7,814
Reaction score
8,777
Location
Melbourne
AFL Club
Carlton
Does anyone here know what the law is, regarding divorces and who gets what?


I know the woman gets 50%, but what is that 50% based on?


If the Man brings a sizable asset to the marriage, and if in the future things go all pear shaped, does the Woman get half of that asset? Or does the Woman only get half of whatever money/assets/appreciation are accumulated after the day of the wedding?

For example…

If the Man brings a house worth $500k to the marriage, and after 5 years the two parties divorce, and that house is worth $800k after the 5 years, does the Woman get $400k (half of $800k) or $150k (half of the $300k increase in value post wedding day)?


I believe there is no set rule here, and courts will decide cases on individual merits etc, but is there a broad, general rule that applies? I vaguely recall hearing a few years back that the Woman gets half of whatever fortune is accumulated after the day of the wedding (as opposed to what the parties bring to the table), but I am not sure about that.



Any advise would be much appreciated. Are there any lawyers or people who have unfortunately had divorces out there?



 
Can't add much on divorce, but I've had a relative who has been taken by two slappers, for 50% each time. Not married just living together (in his houses).

"Ok, relationship is over, sell the house I want half, oh yeah and half your savings too, oh and by the way I'm going to try for your super." :eek:

Don't think the super grab was successful, but it would seem 'what's yours, is theirs.'


Makes me wonder, can you hide money from them in an online poker account?
 
^

Yeah, I'm a n00b when it comes to law, but some bloke was telling me that even if you buy a house under your name only, and your girlfriend moves in with you, even if she makes no payments towards the house (or anything like that) after so many years the house is as good as half hers should things go pear-shaped.

Would be very interested to hear if this is true...
 

Log in to remove this Banner Ad

fairdinkum said:
^

Yeah, I'm a n00b when it comes to law, but some bloke was telling me that even if you buy a house under your name only, and your girlfriend moves in with you, even if she makes no payments towards the house (or anything like that) after so many years the house is as good as half hers should things go pear-shaped.

Would be very interested to hear if this is true...
Click to expand...

Its true. Just make sure you draw something up legally first.
 
Bahfungol said:
My advice is, Don't get married.
Click to expand...

But that's the thing. Even living with a partner for a certain number of years can trigger that.
 

Remove this Banner Ad

Papa G said:
If theres kids involved she'll get a truckload more than 50%.
Click to expand...

If there are kids involved and she gains primary custody of the kids (I assume they are dependents and under 18) then typically (say 2 kids) she will get around 70% (or more) of the "assets of the marriage" which will include the value of any business assets.

In other words, say you own a business worth $400k and a house with equity of $500k and say $100k in other assets, she will get the house, the other assets and you will likely need to borrow against the business to pay out her share of that asset.

This assumes that you both married with few assets, the children are yours, the assets are clearly identifiable and there are no other agreements in place (such as pre-nups)....

It can be a very very debilitating experience and you need to plan before it happens and try and make any break as amicable as possible to allow for assets to be dealt with in an orderly fashion. Businesses fall over many many times because of arrangements such as the one above.

By the way, it will matter not a jot whose names the assets are in - a family court will look at familial assets and this is determined as a whole not by legal ownership of assets. I have seen people who are beneficiaries of their granddads family trust and received $10,000 of distributions over a couple of years, say 5 or 6 years ago being compelled by the courts to prove that they dont have an interest in the real property assets of said family trust - it can get really really messy when your granddad and his trust assets get dragged into your divorce.
 
Eagle87 said:
If there are kids involved and she gains primary custody of the kids (I assume they are dependents and under 18) then typically (say 2 kids) she will get around 70% (or more) of the "assets of the marriage" which will include the value of any business assets.

In other words, say you own a business worth $400k and a house with equity of $500k and say $100k in other assets, she will get the house, the other assets and you will likely need to borrow against the business to pay out her share of that asset.

This assumes that you both married with few assets, the children are yours, the assets are clearly identifiable and there are no other agreements in place (such as pre-nups)....

It can be a very very debilitating experience and you need to plan before it happens and try and make any break as amicable as possible to allow for assets to be dealt with in an orderly fashion. Businesses fall over many many times because of arrangements such as the one above.

By the way, it will matter not a jot whose names the assets are in - a family court will look at familial assets and this is determined as a whole not by legal ownership of assets. I have seen people who are beneficiaries of their granddads family trust and received $10,000 of distributions over a couple of years, say 5 or 6 years ago being compelled by the courts to prove that they dont have an interest in the real property assets of said family trust - it can get really really messy when your granddad and his trust assets get dragged into your divorce.
Click to expand...

I have done some internet searching, and found some consistency in that a number of legal related sites say courts will take into consideration what each party brought to the marriage.
 
1981 said:
I have done some internet searching, and found some consistency in that a number of legal related sites say courts will take into consideration what each party brought to the marriage.
Click to expand...

True. Which is why I indicated that my examples assumed both parties had "few" (i.e. minimal) assets beforehand.

As people marry later or are onto a second marriage, the chances of them bringing assets with them increase, that said its not an absolute that those assets will be excluded from any asset "split" and thats why an increasing number of people with pre marriage assets have pre-nups or similar to try and protect themselves.

Love is expensive.... which could lead to a line about hookers but nah... :D
 
Where possible you need to mediate. Make her aware that maintenance for the children, if she gets custody, is going to be dependent on your business generating the income to pay her so if she leaves you destitute then she can forget about maintenance. She needs to be made aware that the childrens livelihood is going to depend on your income, so she shouldn't be cutting off her nose to spite her face.
 

🥰 Love BigFooty? Join now for free.

Bodicifer said:
Where possible you need to mediate. Make her aware that maintenance for the children, if she gets custody, is going to be dependent on your business generating the income to pay her so if she leaves you destitute then she can forget about maintenance. She needs to be made aware that the childrens livelihood is going to depend on your income, so she shouldn't be cutting off her nose to spite her face.
Click to expand...

Agreed.

That said, depending on the facts, reason can be in short supply if the man is shagging his 22 year old PA.... :p
 
Karl Pilkington said:
6 months
Click to expand...

Mate went through this a couple of years ago, and it was 12 months.

He owned a penthouse apartment in South Yarra, which she moved into at his invitation. Almost 12 months to the day she moved out and started legal action to recover half the value of the house. Her lawyer had been working for months with her to ensure an air tight case.

To avoid a lengthy court battle he sold the property and gave her 40% of its value. Luckily this bloke was loaded with multiple properties so it didn't hurt him financially too much.

Personally it destroyed him though. Not only has he vowed never to get married but he won't even entertain the idea of a women moving stuff in for sleep overs unless she signs a very strict and detailed legal agreement.

Pity that one gold digging bitch has made his so distrustful of everything vagina related.
 
fairdinkum said:
^ Bet ya she was hot as, though.

A small portion of your financial wealth for 12 months of hot sex on tap?

I've seen worse deals done.
Click to expand...

40% of house value for 12 months of sex with a hottie???????

Mate, you need to spend more time in SE Asia - 40% of a house is a bloody huge price to pay....
 
Eagle87 said:
40% of house value for 12 months of sex with a hottie???????

Mate, you need to spend more time in SE Asia - 40% of a house is a bloody huge price to pay....
Click to expand...

The bloke has several houses. 40% of one still leaves him with more than enough houses.

Like I said, I've seen worse deals done.

As for SE Asia... I don't follow?
 

Remove this Banner Ad

Similar threads

Cookie
    • Like
Free advice - Buying a property under Body Corporate/Strata Title/Owners Corporation
Replies
0
Views
369
Cookie
Cookie

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Back
Top Bottom