Is everything split 50 50 in a divorce?
The short answer, is, no, not everything is split 50 50 in a divorce.
No two relationships are the same. No two property settlements are the same.
There are a range of possibilities that could occur from your divorce and property settlement.
The important thing to note is, there is no automatic presumption for a 50 50 split in divorce.
The law sets out a number of things that must be studied to calculate how assets should be distributed after the breakdown of either a marriage or de facto relationship.
A lot of times we find that you may receive advice from friends or family that is normally given with good intentions and comes often as a result of their own experiences.
Unfortunately, this advice is usually misleading and creates false expectations.
It is important to realise that one person’s settlement will probably be different from others you may have heard about.
Is a house split 50 50 in divorce
The short answer is, a house may not be split 50 50 in divorce, as the entitlements of each party after the separation may be more or less than 50%.
Our property settlement lawyers know that Australian Courts have developed a 4 step approach to help you understand how much you’re entitled to and how much you need to pay.
Step 1 – establish the asset pool
You will both need to check the combined value of all of your assets. You will also need to confirm the combined value of all of your debts or the money you owe to banks, the Government or any other person or entity.
Step 2 – check the contributions each person made during the marriage
This includes financial or non-financial contributions.
Financial contributions can include wages, government payments, any gifts or inheritances received.
Non-financial contributions include doing house-work, looking after the children of the relationship, and renovating the house. Basically, it can include anything that helped maintain the house, the family and the relationship.
Step 3 – look at the future needs of each person
You may have different living requirements than others and need to have the finances to maintain your health or a certain standard of living. The courts look at a variety of things here, including future earning capacity, the health of each person, the ages of each person, and who will be looking after the kids.
Step 4 – review everything and decide who gets to keep the property
The court looks at whether or not their decision will be equitable and fair to both of you. The court will then decide on whether or not you keep certain assets or if they are to go to your ex.