NSW She is going to take me to the cleaners - where do I stand?

[Barry123]

short relationship - so folks should expect to take what they brought in. So I'll use me as an example. I had lots in super. 7 yr marriage. So in theory only the super that accumulated during the relationship should matter. But in reality everything gets looked at.

I agree with Atticus - take the paperwork to a solicitor - and get an opinion. Look if you're gonna get taken to the cleaners it will be partly by the ex and partly by solicitors.

So again, using me as an example. I offered 65% to her. Just wanted i sorted. She fought. She wanted 105% (yup, no typo). End result she got about 65% but a whole chunk of money had disappeared into solicitor's pockets meaning the asset pool had shrunk so the 65% was smaller in real terms than the original offer.

sammy01, Just a quick question - Are you saying that legal fees should end up in the liabilities column ?

Regards Barry qld

 

[sammy01]

No - what I meant was that by the time we settled about $70 000 had disappeared between the both of us. Where did it go? solicitor's pockets.

 

[Barry123]

Yes I understand now. But as per your financial statement your assets and cash have to be the same up to the final agreement . So how did you raise funds to pay lawyers before settlement as you aren't allowed to sell assets or use cash savings BEFORE settlement .....

Curious , Barry

 

[sammy01]

Asset division is a bit crazy and look, we never even got to court. So I sold shares and spent savings. For a while i was paying the mortgage on the house she was living in with the kids, I was also paying rent, child support, rates, electricity for her house and my rental. I also had to furnish a house suitably enough for the kids to visit.

She also sold shares to fund legal bills.

It was accepted that the stuff I blew the $$$ on was reasonable. So furnishing a house and the fact that she was unreasonable, so lots of money got blown on solicitors.... So let's assume there was an asset pool of $500 000 to be split. Collectively we blew $70 000. So now there is an asset pool of $430 000. So if she accepted 60% of $500 000 = $300 000. But the shrunken asset pool $430 000 and her getting 60% was $258 000.

The solicitors get paid.

 

[Barry123]

Ok . So i am in similar asset pool situation ( 550k). I have paid 99% of her living expenses (9 years) . She had a job and a $300 week cigarettes' habit . no kids .no joint bank account . both have similar employment prospects/training . So i am hoping for the best ......