Are assets always split 50/50 in a divorce in Australia?

Are assets always split 50/50 in a divorce in Australia?

Australia is an equitable distribution country, meaning that on the divorce or death of a spouse, net wealth is not split evenly (i.e. 50/50) as “community property”.

How is property settlement calculated in a divorce?

How to calculate a fair settlement

  1. Make a list of assets and liabilities.
  2. Assess the initial contributions of each party.
  3. Consider the length of the relationship.
  4. Determine whether or not any assets or liabilities should go together or in separate pools.
  5. Deduct the liabilities from the assets to get the total property pool.

What is the average split in a divorce settlement Australia?

While a 50/50 split is rare, you are more likely to end up with a 60/40 or even 70/30 divorce settlement. The most common percentage split in the division of assets in Australia is 60/40.

What is the normal split of assets in a divorce?

Parties’ ages and the length of the marriage The Court will normally consider a 50/50 split of the matrimonial assets when dealing with a long marriage following the ‘yardstick of equality’. With short marriages, capital contributions become more relevant in deciding how assets are divided in a divorce.

Is my wife entitled to half my house Australia?

No, so long as there are two people living together in a marriage-like relationship for at least two years in the state or one of the other criteria regarding children of the relationship or substantial contributions have been met, there is no difference.

How do I protect my assets in a divorce in Australia?

Keep records of all financial transactions during the relationship. Keep assets held by you prior to the relationship in your sole name. Avoid selling such assets and rolling them over into jointly owned property. If you do, keep clear records of your contributions to jointly owned property.

How is property divided in a divorce in Australia?

Our separation and divorce calculator will inform you when you will become eligible to apply for a divorce in Australia. Contrary to popular belief in Australian law there are no presumptions or starting point that property should be divided between the parties on an equal (50%/ 50%) basis.

How is a divorce settlement calculated under the Family Law Act?

Calculating a divorce settlement under the Family Law Act is far more intricate than most people would realise. It involves a detailed consideration of the relevant law, as well as the precedents which have been set by the Family Court over almost 40 years.

What is the property settlement calculator?

The aim of the Property Settlement Calculator is to assist you in estimating what a fair and equitable division of property would be in the event that your marriage has irretrievably broken down. It can help you negotiate your property settlement and make educated decisions.

What are the liabilities of divorce in Australia?

Liabilities will include debts, loans, tax, and stamp duty obligations. All liabilities are considered whether they are in joint names or whether they are in the name of one spouse only. Our separation and divorce calculator will inform you when you will become eligible to apply for a divorce in Australia.