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  • Hi! Welcome to Video 5, of Module 5: Divorce and the Assets. In this video,

  • we're going to give you a broad range idea of the percentage split you're

  • likely to receive, when dividing your assets. Now, if you've already seen

  • Video 3, you'll know what the assets and liabilities consist of and you'll

  • be in a position to have a rough idea of how it is the court determines, or

  • the law determines, what the percentage split is you're likely to receive.

  • You'll also, by now, be aware of the relevant factors and, of course, as

  • I've said previously, what differentiates one case from another is the

  • weight that's given to those factors. However, we can give you some rough

  • idea, in common cases, as to the scenario you can expect.

  • So, for example, in a common house and garden case, where the assets

  • consist of the matrimonial property, or the relationship property that the

  • parties lived in, which is subject to a mortgage, and where there are

  • vehicles and some superannuation, and perhaps there are two or three

  • children, who are under their teenage years, and you can expect that

  • perhaps one of the parties has been pursuing their career and earning a

  • reasonably good income, whilst the other party may have been working either

  • part-time or not at all, not earning an income, or earning a part-time

  • income.

  • Then you've got some of those relevant factors that we've already discussed

  • such as, income earning disparity, inability to recover quickly, and the

  • care of young, dependent children and that will, of course, affect the

  • number of hours somebody can work and the financial burden.

  • In those sorts of cases, you can generally expect that the person who has

  • the primary care of the children, or substantial care of the children, will

  • end up with more than 50% of the asset pool, that is, of course, if the

  • contributions prior to the marriage, in lump sums, and during the marriage,

  • except for income, were equal. So, generally, that range could be maybe

  • 60%, or 65%, perhaps, depending on the skill level of the person caring for

  • the children and their ability to work in the future. Also, depending on

  • the child support, which is being paid. So, that's one of the most common

  • scenarios.

  • In other scenarios, for example, where there are no children and it's been

  • a long relationship, you can expect, perhaps, a 50/50 split, if there have

  • been no special contributions, by way of inheritances or compensations. So,

  • regardless of the income each of you have earned, the split could still be

  • 50/50, because of the length of the relationship and time you've lived

  • together, the fact that there are no children, and the asset pool size.

  • In other instances, for example, second and third marriages or Defacto relationships,

  • often the asset division is somewhat different, because, clearly, one of the parties

  • may have bought more into the relationship, as a result of having been

  • in a previous relationship or, it could be that both parties have moved into

  • one of the party's houses. In those instances, your percentage split for

  • the person who's into the relationship with far less could be far less

  • by way of percentage split. For example, perhaps 10%,

  • 20% or even 30%.

  • So, that gives you an idea of the range of possibilities and, as I said

  • earlier, every case is different as to the weight given to the factors. So,

  • whilst the formula will be the same in terms of the assets and liabilities

  • are relevant, the formula as to what weight is given to each of those

  • contributions factors and needs factors varies from case to case. You put

  • all of them into a mixing pot and that helps you achieve the percentage

  • split.

  • That's it for Video 5, of Module 5: Divorce and the Assets.

  • So, by now, you're probably thinking, "how much is this going to cost and

  • how long will it take?" Well, that will be answered in Module 6: Divorce,

  • Costs and Fees. So, if you're ready to proceed to Module 6, then move

  • straight ahead. Bye for now!

  • All our videos in this Youtube series can be found through the Pearsons Youtube

  • Channel at http://youtube.com/pearsonslawyers or by visiting the Pearsons

  • website at http://pearsonslawyers.com.au and following the links.

  • Alternatively, if you know that its simply time to see a Family Lawyer, please

  • contact us for a free initial consultation. Please be advised that we must

  • complete a conflict check so that we can only represent one party in a Family

  • Law matter. So if your partner is watching this same Youtube series and engages

  • our services before you do, we advise that we may not be able to talk to you.

  • Whatever it is that you choose, its our wish that throughout this Youtube

  • series, you can finally gain a sense of certainty so that you know where you

  • stand.

Hi! Welcome to Video 5, of Module 5: Divorce and the Assets. In this video,

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A2 US income percentage divorce module earning relationship

5.5 Divorce and Assets - Calculating Your Entitlement

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    Cathy Lin posted on 2014/11/23
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