Do I get to keep the assets I brought into the marriage if we divorce?
Published 23 Feb 2017
In many ways, getting a divorce is about starting afresh. You will have a change in living arrangements, lifestyle and who you spend the majority of your time with. That doesn't mean, however, that you want to start afresh financially as well, so dividing property is one of the most important stages of any divorce or separation. Yet as anyone who has been though a divorce knows, this process is not as simple as it sounds. You may have some misconceptions about what belongs to you and how your property will be divided by the family court of Parramatta.
What you put in is not always what you get out
If you're in the process of splitting up your belongings, you might assume that the assets you brought into the marriage will remain yours, and you will only need to divide the property you and your ex acquired together. In many cases, it is not always as straightforward as this. While you may make this kind of arrangement by yourselves, if you are unable to settle and the matter goes before the court, it could be a different story.
Although the assets you brought into the relationship will certainly have an effect on the outcome of the property settlement, this is not the only factor that goes into it. As a result, you cannot become complacent and assume that what you put in is what you are guaranteed to get out.
Assets are not automatically split down the middle
Likewise, property is not always divided right in half, as the unique circumstances of the divorce or separation could mean that one person receives more than the other. There is no perfect solution to splitting property - it is influenced by factors ranging from investments made, income earned, who took care of the household duties, the health of the individuals and the length of the relationship. In addition, arrangements such as who will be primarily responsible for the care of any children will also have an effect, as this can put a significant financial burden on the parent in question.
Whether you're negotiating a property settlement or dealing with other aspects of divorce such as child custody, having an expert family lawyer in your corner will help you manage the process and get the best possible outcome.
Please call us on 02 8833 2000 to speak with a lawyer
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Kim of Sydney