Are assets split 50/50 in divorce Australia?

Are assets split 50/50 in divorce Australia?

Divorce and Separation in Australia \u2013 Common misconceptions of who gets what and how. \u201cEverything is split down the middle\u201d \u2013 the reality is that there is no 50/50 rule in family law property matters, nor is there any mathematical formula for dividing property between parties.

How long do you have to be married to get half of assets?

Any assets acquired during a marriage (that are not gifts or inheritances or acquired by non-marital funds, such as an inheritance) are considered marital assets subject to equitable distribution. It doesn’t matter whether the marriage is 6 months long or 16 years long.

Can my wife take half my 401k?

Your desire to protect your funds may be self-seeking. Or it may be a matter of survival. But either way, your spouse has the legal grounds to claim all or part of your 401k benefits in a divorce settlement. And in most cases, you’ll have to find a way to make a fair and equitable split of the funds.