Divorce: what's the split?

Are there any current ballpark figures as to the split of assets? Future income?

Let's say non-working wife and 3 kids... 3 properties left
50/50 TIC
90/10 TIC
100% disc trust

cash
shares
super

Anywhere I can read about this stuff?

 

You can reach an amicable agreement for any split. Otherwise the court will decide:

Property and finances after separation - Family Court of Australia

Depends on factors such as who the kids live with.

If kids live with income earning partner, then less to other partner. Also depends on other assets such as super etc. No one size fits all.

A wife or husband who has largely been working in the home to support the family will have lost a lot of super and this will be taken into account.

 

The split is somewhere in the vicinity of the following:

Lawyers: 50%
Remaining divorced couple: The broken pieces after the lawyers bite.


pinkboy

 

Lots of couples arrange things privately without lawyers.

 

A ballpark % split is actually almost always highly technical family law advice. Even for me to take a stab at it I would need quite a lot of information, and I do it for a living.

The % of TIC ownership is almost always irrelevant btw, as is the structuring of most family trusts to the final % split.

A starting point of some of the most important info would be:

1. Length of the marriage and de facto relationship
2. Value of current asset pool and the big assets that are in it
3. Current incomes and/or earning capacities of the parties
4. Ages and care arrangements for the children
5. What assets the parties brought into the start of the relationship

There's still a lot of other important information though...

 

And the financial and non-financial contributions of the parties.

 

Avoid the courts, where possible (the fees, and timeline to get things sorted are mind boggling). But is very rarely a 50/50 split, and it really is a case-by-case scenario. Having had to deal with it twice - once for myself, and once for getting my now-husbands finances settled when his ex-wife refused to settle (although she'd walked out on him 4 years earlier) - it's a very yucky situation. I hope you can get it sorted.

 

Could you come up with an average joe and jane scenario, ($$$)you have seen many times and have a stab at it. Just as entertainment for this thread
Say after 1 year split, 5 year, and 10 year?

 

What about two spouses on a long term relationship of 27 years where they keep finances separate to each other. There may be no property settlement - ie each keeps their own assets.

 

I'd say it would start at 60/40. Then factor in what each of you brought to the relationship which will tip the percentage higher or lower toward the one with the premarital assets.

 

Unless the other party needs to be maintained in the manner that they have become accustomed.

 

When several young children are involved I have known it to be 70/30.
Marg

 

Or in my case 90/10(me) with 2 small kids, 50/50(no kids, 50/50(no kids).

 

Jim did you go into the relationship with assists? Or only what you built up together?

 

If you can agree on it amicably then you:
1. save a lot of money;
2. don't waste your time having to hang out with lawyers;
3. start moving forward.

Consent order stamped by the court and the property side is done.

 

And if you had the assets, were they fully paid off?

Man hubby worked with owned a house when he got married. Divorced about 15 years later and claimed the house was his as "I already had it when we were married". Quite true, but it was mortgaged above 90% at the time and both worked to pay it off. He could not see that made any difference, and was quite bitter when its value was included in joint assets.
Marg

 

There are a few small bars that the legal people drink at each day in Brisbane after a hard day wearing the silk wig and walking up from their chambers ,you hear some interesting stories after 4 pints about the facts and who wins..

 

True (the lucky one's)

But don't you each have to get independent legal advice on any private agreement prior to presenting to court for the rubber stamp ?

 

no

 

Bran, I hope this isn't for you!! Hugs if it is.