property Settlement time

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Aussie Frontier

Aussie Frontier

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Canberra have pity !!!!!
The ex informed me this morning that she is going to start divorce proceedings tomorrow and final Property settlement.
Happy days ahead for me I know .
My understanding is its basically total value of assets split in half minus bills etc
She doesnt beleive she owes anything but have told her she owes for half of all joint debts since seperation. So half the credit cards and half the mortgage payments etc .
Now I know some have trodden this path already so any help will be greatly appreciated.
I know that if she decides to play silly games it can cost up to 15k each .
Noone wins if solicitors get involved .
 
No idea Paul as I have never been through it.

Good luck though, hope you come out alright.
 
Aussie Frontier said:
The ex informed me this morning that she is going to start divorce proceedings tomorrow and final Property settlement.
Happy days ahead for me I know .
My understanding is its basically total value of assets split in half minus bills etc
She doesnt beleive she owes anything but have told her she owes for half of all joint debts since seperation. So half the credit cards and half the mortgage payments etc .
Now I know some have trodden this path already so any help will be greatly appreciated.
I know that if she decides to play silly games it can cost up to 15k each .
Noone wins if solicitors get involved .
Click to expand...

15K sounds optimistic. My sister has been going through a divorce and her legal bills last time i looked were 75K.

She has issues and is hardly cooperative. If I was going through it, i would be focussed on keeping it friendly to make sure that the Lawyers are not the only winners.

Good Luck

Greg
 
sorry to say mate but a guy from works currently going through the same thing at the present time and unfortunately he has a kid and as we work shift work he doesnt get custody of the kid and this being the case she gets 70% of what they owned as a couple so in your case i hope you have an understanding ex and things do go 50/50
 
hope it goes smoothly. Divorce sucks mate.

The best (not necessarily the easiest though) is to be as civil and calm throughout all talks as possible. Don't know how the split has gone so far, but with mine, we agreed in principal in what to split and when, who was owed what between ourselves. Then we both agreed that I would get a lawyer to draw up our agreement (think it only cost me $350), she reviewed it, and then we included it in the Financial Settlement papers to the Family law courts. Court signed off, she can't claim more from me. Done

If you're not sure on what you're entitle to first up or can't reach agreement, then for your sake it might bring lawyers into your side to check first. But unless you get the agreement sorted, she could claim some of your Super, future investments percentages.... even after settlement.

E.g. I own a house before I marry. I sign her on the property deed and our dual incomes help pay off loans and general living expenses. If we divorce, she is entitled to half the captical gain from the property during the time we were together. She could also be entitled to claiming maintenance of the property if she was involved in physically looking after the place, doing renovations etc.....

My settlement process was as fair and reasonable as something like that could go. All the best...
 
Have done it too.
VVVVVVVVery sound advice to keep it peaceful.
Your or her solicitor gets a whiff that you are not in agreement THEY will win.
I made a list of assets and debts. Sat down and agreed on each item's value, Choose replacement value or what you think it's worth today. AGREE is the key....
THEN, choose who wants what, don't choose while you value, it's not going to help.
Then the debts.

Remember, what the solicitors will make will be FAR more than you loose by giving a bit here a bit there.

Sorry to get so specific, I had very good advice and it worked.
Solicitors even tried to make something to argue about.....

What do you call a thousand solicitors at the bottom of the ocean?
A good start!!!! hehe.
Good luck.
 
Hey Aussie. All th posts contain good advice. I have been thru 2 divorces (yeah silly me). The first one I walked away with the clothes on my back and my hand over my bum. Got royally screwed. learnt a bit for the second one and agreed within reason and while i got crewed it hurt much less.

The big thing to take away is not allow the solicitors to talk you or her into pursueing stupid things. They only want to prolong the agony and the fees. As long as you start your talks with the solicitor with "I will tell you what i want done not the other way around".

Another thing is give way on things that mean nothing e.g. She likes the lounge - give it to her. That little BMW that she loves- hey its worth 10k - give it to her. As long as they think they are getting at you they will agree to other things.

Good Luck Mate.
 
Kool Thanks guys
I think the main issues are all going to be the house. I dont care about furniture etc .
My biggest issue is basically she believes she doesnt owe anything on joint bills after we split.
Another thing is I put $50 on the mortgage years ago when i retired from the PS. The solicitor I spoke with last year told me she wasnt entitled to that so it would come back to me . The rest is just joint loans and bills etc.
We both have super and both have cars so unless she wants to get really bitter then in theory it will only come down to the property.
What I will do though is have her agree that the only thing we have to split is the propery first before i start to tell her just how much her debts currently are.
I am trying to be the quiet helpful type even fixing her car at times and I really dont wanna screw her outa money but hey she walked out leaving me with all the bills and basically thinks she doesnt live here so she doesnt have to pay.
her initial request was for 50% of the value of the house with no deductions so not taking the current mortgage into consideration or anything . I told her that it would be 50% of the value of the house minus debts but didnt elaborate .
Might be a shit storm gunna start me thinks .
Oh and the kids are 50/50
 
any bills you have ,she has to cop 1/2 payment for them...even if you are a tradie and have say $10 gs in material bills that gets spread evenly between you two...so shes liable for $5g from her settlement....get her for everything you can,at the 50/50 spread...
good luck...
 
I went through a divorce about 11 years ago, it got nasty and ended up costing about $50K in legal bills. My ex wanted 75% of net assets and $500 a week in spousal maintenance (which I thought was unreasonable given we had no kids).

I strongly recommend keeping things as polite and un argumentative as possible and try and go down the mediated settlement path (unfortunately my ex didn't agree).
 
If you've been living in the house and she hasn't then I'm afraid the bills are all yours. Basically goes like this: you owe mortgage jointly - but you are renting her half of the house. So to keep it simple you front the repayments.

You should also consider who fronted the deposit & what assets you brought into the relationship - these she should not get a cent of.

When (no, not if but when) you get confused seek advice. Me and the ex got independent advice from lawyers but handled the settlement ourselves.

Most importantly - PLAY NICE.
 
nakedape said:
You should also consider who fronted the deposit & what assets you brought into the relationship - these she should not get a cent of.
Click to expand...

That was my view also however the court took the view that because a significant time had elapsed since 'I paid the deposit' and since 'I brought most of the assets into the relationship' (more than 10 years) that that was no longer a factor to be considered.

I still don't agree with that view but I'm not a lawyer so what do I know.
 
Geoff3DMN said:
That was my view also however the court took the view that because a significant time had elapsed since 'I paid the deposit' and since 'I brought most of the assets into the relationship' (more than 10 years) that that was no longer a factor to be considered.
Click to expand...

You would've been tempted to tell the magistrate to f&*% off - That's a dud ruling.
My lawyer told me I was entitled to at least 80% because I paid for everything (cars, house & even her prior debts - yep I got taken :suicide2:). Her lawyer said she could get her 75% - go figure! I'm just glad the ex had a momentary lapse and acted decently (for the first and only time) and agreed to 50-50!
 
I agree household bills are mine however legally she has to pay debts in her name.The fact she chose to leave doesnt mean she can ignore debts. If I had thrown her out then I could understand the paint rent deal. However she walked out so seeing there was no agreement on rent then she will still have to pay I reckon. Not like I could go to the bank and say ill pay my half but you can chase her for that.
Its not like I was making her pay rent when she was still living in the back room using my electricity and water etc.
However if she decides to get nasty then I am not going to give solicitors 50k to save giving her 20k which I have heard happen many times.
 
Aussie Frontier said:
Not like I could go to the bank and say ill pay my half but you can chase her for that.
Click to expand...

I reckon it was cases like this that led some banks to offer 50-50 type mortgages - each person has legal responsibility for 50% of the debt.

I also reckon that you'd be well served by some non-partisan advice.

Good luck anyhow - there will be light at the end of the tunnel.
 

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