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Recently separated general advice on asset split

Hi.

I have recently seperated from my wife of 17 years.

We have 3 children, all dependents, who will reside with their Mother 12 days out of every 14.

Our family home is being sold and other assets include a caravan, my super, my wife does not have any, household contents.

I was the principal earner for 90% of our relationship, as my wife was a stay at home Mum; a joint decision.

Can anyone tell me if the combined net value of all our assets are accessed and ball park what the % split could be please.

Thanks.
frampy said
I have recently seperated from my wife of 17 years.

We have 3 children, all dependents, who will reside with their Mother 12 days out of every 14.

Our family home is being sold and other assets include a caravan, my super, my wife does not have any, household contents.

I was the principal earner for 90% of our relationship, as my wife was a stay at home Mum; a joint decision.

Can anyone tell me if the combined net value of all our assets are accessed and ball park what the % split could be please.

Thanks.
The fact that your wife stayed at home and looked after the children will go in her favour.

Ball park figure: with three kids, stay at home mum…

I would say 70/30 in her favour - depends on the age of the kids, her health, education etc. Look at section 75(2) of the Family Law Act 1975.

Executive Member of SRL-Resources, the Family Law People on the site (Look for the Avatars).   Be mindful what you post in the public areas. 
frampy said
I was the priciple earner for 90% of our relationship as my wife was a stay at home Mum a joint decision.
This indicates that your earnings are to a relevant extent not 'special' and therefore your financial contributions would be regarded as equal.

As Monti indicated the 75(2) considearations, future needs, would possibly add weight to the wife's favour. A 10% 75(2) factor is relatively normal. The age of the children and the wife's capacity to earn an income is of importance. That causes the division to be possibly 60% to the wife and 40% you. That division favours the wife if any negative contributions (like violence or harrassment) are involved.

Be mindful that your financial affairs are intertwined up until the settlement is effected through consent or court proceedings. The premature dispersal of assets or sale of property by a party can be regarded as a negative. Also carefully notate your non-financial contributions as to a lesser extent these counter a homemakers contribution. These are renovations and other contributions including your role in children's sports activities.

Read judgements on the Family Court's website, or Austlii, to get a sense of the 'homemaker's contribution. http://www.familycourt.gov.au/wps/wcm/connect/FCOA/home/judgments/newjudgments/ and http://www.austlii.edu.au/au/cases/cth/FamCA/

The final (fourth) stage is considering whether a judgement is fair and equitable. Preparing arguments about what you need to live to a similar standard of living as you enjoyed during cohabitation is of value.

Importantly acquire all the documents available in respect of your financial transactions together.

Achieving a negotiated outcome and maintaining a relationship with your children is to be factored into your thinking. The acrimony that arises from litigation and being touched up by laywers has it's own mental costs for all involved.

What is done for you, let it be done, what you must do, be sure you do it, as the wise person does today that what the fool will do in three days - Buddha
At the end of the day, it depends on what you're comfortable with in terms of financial support to your children and your ex. What will $50K, $60K or $80K in legal fees do to your financial settlement? Will that cost be worth it? Then there's the question of how much time the children will spend with each parent and "what's in the best interest of the children". If at all possible, be amicable and keep the laywers out of it. If not, it will be a long drawn out, hostile and expensive process.
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