VIC Property Settlement with De Facto - What am I Entitled to?

[broomie21]

I have to move out of my home due to a difficult time with my de facto who lives at this home as well. My name is on the mortgage and I'm worried if I leave that I will lose my entitlements as far as property settlement goes?

She has offered me a ridiculous sum of money for me to settle on the house which I will be taking further with my solicitor but for now, for my own sanity and to continue with my life, I have to go.

Also, what can I take as far as joint possesions go? She thinks that I take no furniture just my tools?

Cheers for any help

 

[AllForHer]

Lots of different factors will affect property settlement, but provided you've been together for at least two years or have a child together, you will be considered de facto which means the court can determine a property settlement for you if needed.

Names on mortgages are generally a non-issue when it comes to domestic property settlements. You'll be considered to have an interest in the house, which means you'll be entitled to a portion of its value in some way.

As for furniture and the like, this is another asset that's usually split based on value, rather than physical assets, but the reality is that if there's no formal property settlement in place, you can take whatever you want, but just bear in mind that it's best to keep things amicable if you want to avoid the costly court process in future.

If the de facto relationship has been short (around five years or less), it's usually accepted that each party will walk away with at least the same assets that they entered the relationship with.

 

[broomie21]

Thank you "AllForHer"

We had been together for 12 years and split approx 3 months ago. It was all very amicable until she came at with me such an unreasonable amount IMHO. I have been paying for almost everything up until losing my job a couple of weeks ago and now need money to go forward.

She didn't mind living comfortably with all of my wage every month going to mortgage, all bills, all insurances, etc., to the point where for the past 2 years I have had to rely on what she earned because all of my wages was going out in payments.

I didn't mind because I thought that her wage was for food and savings? Now this has happened, I am left with no money, having to move and minimal prospects at seeing much in the future.

Really confused as to what to do

 

[AllForHer]

Property settlements, when it comes to court, work as follows:

1. What's the value of the joint asset pool?
2. What's the financial and non-financial contributions of each party?
3. What are the future needs of each party?
4. Is the settlement just and equitable?

In summary, you shouldn't expect to walk away with nothing. The relationship was long-term, so there's a very high chance all assets will be considered shared, rather than going by what each party entered the relationship with.

I would consider organising a mediation conference to try and negotiate a fair split. You should also get legal advice before agreeing to anything.