Video Transcript:

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.

 

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