Joint Property Divorce
The client is undergoing their first divorce in Western Australia and is concerned about the potential financial outcome as their partner, who has been divorced before, has threatened that they will leave with nothing. The primary concern revolves around the jointly owned house, which is a significant asset in the proceedings. There is uncertainty about other assets or financial matters that might be affected by the divorce. The client's main worry is being disadvantaged financially in the settlement.
Questions about this case
These answers have been verified by a lawyer in the LEAP networkWhat are my rights and entitlements regarding the division of the house given it's jointly owned?
In Australia, as joint owners of the house, you are typically entitled to an equal interest in the property. During a divorce, the court considers various factors, including the length of the marriage, contributions to the property's acquisition and upkeep, and future needs of both parties. It's not automatically a 50/50 split; the court aims for a fair division based on circumstances. You may be entitled to live in the house or receive a share of its sale proceeds.
How is the value of the house determined in a divorce settlement?
In a divorce settlement, the value of the house is typically determined by obtaining a professional valuation from a qualified expert. The valuation should reflect its current market value, considering factors like location, condition, and comparable sales in the area. Both parties can agree on a single valuation expert or obtain separate valuations. Accurate valuation is crucial as it influences the financial settlement, especially since the house is jointly owned.
What steps should I take to protect my financial interests during the divorce proceedings?
To protect your financial interests during the divorce proceedings, first gather all financial documentation, including bank statements, mortgage details, and any joint accounts. Consider obtaining an independent valuation of the house and seek legal advice from a solicitor specialising in family law to understand your entitlements. Open a separate bank account in your name to manage your finances independently and consider mediation to negotiate amicably with your partner.
How does my partner's previous divorce affect our financial settlement?
Your partner's previous divorce could potentially influence the financial settlement in your case if it affects his current financial status or obligations. If he is paying spousal maintenance or has financial commitments from the previous marriage, these may be considered when assessing his financial resources. The court aims to achieve fairness and considers all relevant circumstances.
Are there any other assets or financial aspects I should be aware of that might affect the outcome of the divorce?
Consider other financial aspects such as any joint savings accounts, pensions, investments, and liabilities like joint debts. It's crucial to assess the complete financial picture, including valuable personal belongings or vehicles that might be deemed marital assets. If there are any children involved, potential child maintenance obligations might impact the financial arrangements.
