50/50 House Division? Separating assets of a marriage or defacto relationship
If we are married and want to separate, do we get 50/50 each for the house?
This is a common questions that is asked by people when going through the separation process.
There is no one single answer and each case should be assessed on a individual basis. For one couple, a 50/50 division might be just and equitable. For ten other couples, it might not be just and equitable to have a 50/50 division.
There are many things that are taken into account when determining what the division of the family home and any other assets that the parties own.
Just because a property is registered equally in the names of both parties to the relationship does not mean that if the property was sold or if one takes it over the house and mortgage that the share should be split equally.
Some of the things that are taken into account when determining what division of property there should be include the income of each of the parties, the age of the parties, the state of health of each of the parties, the physical and mental capacity of each of the parties for gainful employment, whether either party has the care of a child or children, the duration of the relationship and the extent to which this has affected the earning capacities of the parties, and if either of the parties have re-partnered and are cohabitation with another. These things mentioned are just some of the things that can be taken into account and is by no means an exclusive list – there are more things that need to be considered.
If you would like to know what you are entitled to and what would be a ‘fair’ division of the asset pool, contact Claire Naidu & Co, Lawyers and Mediators.
We provide personalised and confidential advice and offer a free telephone consultation (time limited and conditions apply) to ensure that we are best suited to assist you. If you wish to proceed, we offer a fixed fee initial consultation (in person or by telephone).