WA Property Settlement After Separation

[Chloie]

My ex husband and I separated a year ago. We have a property together, but unfortunately I am on a single parent pension so am not in a position to buy him out, (we are still living in the same house since the separation). We have a shared equity loan with the Government, initial loan was $290k, of our 60% (174k) we have 110k, the house is now valued at 380k.

Can anyone please help me with my options? I know I can sell - which I think I'm then entitled to 50% of what's left after govt takes their 40% from the property settlement. Or he says he can refinance the mortgage which would still leave the same outcome for me? Are they my only options? We have 3 children together and I am the main carer.

Any help would be appreciated. Thank you.

 

[Sarah J]

Hi Chloie,

Since you and your husband have separated, you should enter into a property agreement as soon as possible. The house, and many other assets (both individual and shared) may form part of the "shared pool". What share you get in this shared pool will depend on a number of factors, including:

• Each partner's actual and relative contribution before and during the relationship
• Any contribution made after separation
• Relative earning capacity of each partner
• Dependants (children) and financial obligations
• Future financial needs (e.g. health, age, available access to financial resources)

If you are bearing more of the financial obligation in relation to your children, but your husband earns more relative to yourself, you should enter into a child support arrangement. Take a read of the parents guide to child support on the Department of Human Services website.

In relation to the house, what are you after exactly? Also, I don't see how your husband refinancing will leave you in the same position as if you were to sell the property. Is he planning to refinance and purchase your share of the property from you?

 

[Chloie]

Thanks and yes

Hi Chloie,

Since you and your husband have separated, you should enter into a property agreement as soon as possible. The house, and many other assets (both individual and shared) may form part of the "shared pool". What share you get in this shared pool will depend on a number of factors, including:

• Each partner's actual and relative contribution before and during the relationship
• Any contribution made after separation
• Relative earning capacity of each partner
• Dependants (children) and financial obligations
• Future financial needs (e.g. health, age, available access to financial resources)

If you are bearing more of the financial obligation in relation to your children, but your husband earns more relative to yourself, you should enter into a child support arrangement. Take a read of the parents guide to child support on the Department of Human Services website.

In relation to the house, what are you after exactly? Also, I don't see how your husband refinancing will leave you in the same position as if you were to sell the property. Is he planning to refinance and purchase your share of the property from you?

Thanks and yes He would be purchasing my portion of the property from me

 

[Sarah J]

Hi Chloie,

In that case, it should be the same. If you are happy with the price your ex husband is offering, then it is exactly the same as selling to the third party. The only difference may be in the tax owed, but I'm not too sure on this point.