Hello everyone,
I have been the sole earner for past 5 years been married and past 10 years been living together. We have bought and sold a property together, have one for sale now, current house we are living in.
My wife inherited a property in Altona, that was left to her by a dying uncle, that we sold after fixing it up and the hundred grand profit went into a high interest bank account. Would I be entitled to half of that legally? Or because it was left to her, does that mean otherwise?
And If you get divorced, how the heck do you work out what each gets when it comes to possessions and things? For example, There are things like horses and floats and stuff. How on earth do you come to agreements or work this stuff out, WITHOUT letting it get nasty etc.
thanks in advance
Jayhi
There are many things considered in family law matters. There is the divorce itself – which is pretty simple and then there is the custody of children, spousal support, child support, property settlements etc. All would vary depending on the situation.
I think you will find that the money from the property would be an asset of the marriage. You may not have purchased the property, but did contribute to it with labour, maybe you worked and this allowed your wife the time to spend on the property, maybe you even paid for some of the improvements. So I would say you have a claim on the money, no matter whose account it is in.
To work things out you just need to sit down and try to divide everything up. maybe via email would be good as they can't hear you call them names. Just try to keep the lawyers out or you may end up with huge fees and not get anymore than you would have initially.
Another option is to just give her what she wants and save years of argument and stress. You time could be better spent chasing girls.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw wrote:Your time could be better spent chasing girls.^^^^^
Thanks for your reply, sensible with some humour at the end which made me laugh! Yes, you have to weigh up the "agro" dont you? I was thinking of not even worrying about the property, but I guess 50 grand (half) is 50 grand. I would rather avoid it to be with my boys as they are at an age where I think it would make them pretty upset, but I guess kids can be pretty strong and understanding as well.
I would ask her to write down what she wants or expects and you do the same and then compare. You might be able to narrow it down to a few assets that way. Then you can start negotiating on the remainder.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I agree with Terry but, if you can, try to get her list first, before you give her yours. This often helps your side of the negotiation.
Cheers, PaulPaul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
"I would rather avoid it to be with my boys as they are at an age where I think it would make them pretty upset, but I guess kids can be pretty strong and understanding as well."
Yes, they can be but PLEASE do not underestimate the trauma to children of having their mum and dad split up. You can pretty it up any way you like, but in the end if mum and dad are calling each other names etc (which usually happens as soon as divorce+money is involved) this can't help but affect the kids no matter what their age and stage is.
As Terryw so wisely said, you need to weigh up all the costs including stress, and solicitors when looking at property settlement – if you can remain a little flexible the negotiated settlement will always have the best outcome for all concerned.
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