NSW When are Assets for Property Settlement Calculated?

[Cheryl Grieff]

Are assets for property settlement calculated at the separation date? What if we are still paying shared bills after the divorce?

 

[sammy01]

At the time of settlement, not at the time of divorce or separation - don't go winning the lotto till you get this sorted

 

[Cheryl Grieff]

But are assets assessed at Separation date or Divorce date? Is it irrespective when the settlement is reached?

 

[sammy01]

Neither. They are assessed at the time of organising the thing - the time of settlement. So in my case it took 3 years to get it all sorted. I kept working and paying the bills the ex didn't... In between my super went up so did my shares.... She sold her shares and blew the money.

There is a thing called 'add backs' so that theoretically if money is blown or assets sold and the money wasted it can be added back into the equation, but it can be really hard to establish and often the costs involved in getting the relevant information can just wind up being too hard.

So the end result was that she got to prosper from my financial situation that improved over the 3 years it took to get it settled and I got to get screwed over by her spending spree. Lesson? Get it sorted sooner rather than later.