NSW Divorce and Property Settlement - Determining Our Net Equity?

[Vinnie]

My spouse and I were separated for more than one year and will be divorced next year.

My question is:

- Our properties and assets belong to both of us from the date of marriage to the date of divorce granted or the date of separation? I mean that, will the asset and property valuation at the date of divorce or separation determine our net equity? The reason I ask is because our net equity changes a lot from the date of separation to the date of divorce.

- We have our own properties before marriage and the properties still have my or her own name on the title.

How will they affect property settlement?

Thanks.

 

[Sophea]

Hi Vinnie,

I gather you are going to court to have your property settlement determined. It is helpful to know the court process for determining a property settlement which you can read about here: Property Settlement After Separation - Agree Now, Don't Pay Later - Legal Blog - LawAnswers.com.au

The court will determine what is fair and reasonable in all the circumstances having regard to what each party brought to the relationship and contributed throughout, in financial and non financial terms and then determine each party's needs relative needs for the future.

It cannot be said with any certainty what the court will decide in your situation. All property spits are determined on a case by case basis.

 

[Therese]

Hi Vinnie,

12 months from the date of divorce is property settlement is to be finalised.

This link from legal aid may assist: Dividing property - married couples.

 

[Vinnie]

Therese,

You mean that 12 months after the date of divorce, all my and my spouse's properties still belongs to me and spouse?

 

[Sophea]

Not if you settle on your property split before then. You have up to 12 months after divorce to apply to the court for orders dividing your assets. You can do all that before divorce if you wish, but there is a time limit on how long you can wait to apply to the court to decide the matter for you.

 

[Vinnie]

From the date of settlement to the date of divorce, our property values have changed (maybe significant change). We already applied the financial settlement for the court after the date of separation but before the date of divorce. But I don't know that the properties can be valued at the date of separation or divorce for financial settlement or at the date of applying for the financial settlement?