Are assets split 50/50 in divorce Australia?

Are assets split 50/50 in divorce Australia?

Divorce and Separation in Australia Common misconceptions of who gets what and how. Everything is split down the middle 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 are investments divided in a divorce?

So when the time comes to split those assets up, your best bet is to take inventory, determine the value of each item, and divide it fairly so that you each come away with a reasonably equal share. If your divorce is amicable, you can aim to work things out so that you each end up with the items you really want.

Do I pay taxes on a divorce settlement?

If the cash settlement you received from your husband was for equalization of matrimonial property, then it is not considered taxable or tax deductible. If the money was for support, then a lump sum payment is neither taxable or tax deductible.

What should I consider in a divorce settlement?

How to calculate a fair settlementMake a list of assets and liabilities.Assess the initial contributions of each party.Consider the length of the relationship.Determine whether or not any assets or liabilities should go together or in separate pools.Deduct the liabilities from the assets to get the total property pool.

How long does divorce proceedings take?

While most straightforward divorces can be finalised in around 4-6 months, exactly how long your divorce takes will depend on a number of factors, including: Whether your spouse agrees to the divorce. What grounds you use for the divorce.