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Division of assets in separation

My friends split a year ago and have been trying to sell their house ever since. 'Jane' had 3 kids when they got together 'tom' had none and they dont have any together. Were tigether for 15 years. Jane says shes taking what she put in plus half of any profit in house sale. That doesnt leave much for tom. The kids dad paid child support but has nothing to do with the kids (kids all 18 and older now) . Jane keeps making demands and stating how things will be and tom goes along with it coz if he doesnt jane threatens to go after his business - tom inherited a share in the company he works at. Neither have seen lawyers but im just wondering if Jane can make these demands and threats. Tom put the money towards the building and running of a huge house to accommodate the family and spent plenty of his money over the years on the kids expenses, holidays etc. I just dont see how jane can say she's not coming out with less than she put in but what tom has put in is irrelevant.

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Answers (4)

They need to see lawyers. I worked in a law firm for a bit and one of the solicitors had a jane type person who wanted 100% of the property pool. Her ex was offering her 70/30 in favour of her to keep it out of court because that will be incredibly time consuming and costly for him as he was working in a different country. Lawyer told her she should take it because shed be lucky to be awarded 50% in court. She wasnt having a bar of it, reckoned she wanted 100% and wouldn't take any deals less and let court decide. The lawyer made her sign a form that had expected time frame of the court process as well as the expected legal costs to do so and said it was going against their professional advice (to protect themselves). No idea what happened after cause i quit but i remember she signed the form.

Some people get very greedy when it comes to separation. Tom needs to sit down and work out exactly what half their assets is worth, and he will have to include the value of shares in the business as part of that. It is treated as joint assets unless they have a pre-nup identifying the shares as separate property.
But I can tell you from experience that a pre-nup is not always watertight, however well it is written. Especially if the court views it as unconscionable (as has happened with some wealthy white men and their imported Asian wives).
Also, even if its an estimate, he needs to write down the value of what he put in to the house; money and building work time.
Then get legal advice, but be aware that lawyers fees will eat up a chunk of it if they have a legal fight over it.
The law says they are entitled to 50/50 of all assets. She may get more temporarily if the kids are still all living at home, which would tie up some of his money.
But he really needs legal advice in my opinion. At least to know where he stands.

If Jane takes Tom to court she'll get at least 50% of everything, including Tom's superannuation. Tom need to figure out if in the long run that's more or less than Janes demands but he still needs to see a lawyer asap.

 Thats not necessarily true.
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 Its a myth that that is what happens.
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 Tom doesnt have super or any assets apart from a $10k car once the house sells. All he has is the shares in the business he works a
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 False the law looks at what you put in it doesn't just go 50,,-50
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 I suppose since he doesnt have super and she does he could go for half her super?
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