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October 2015 ยป Tackling Misconceptions About Property Settlement After Divorce

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Tackling Misconceptions About Property Settlement After Divorce

Even amongst all the anger and sadness that follows a divorce the greatest feelings of injustice are often stirred during the property settlement process. In truth a lot of this is caused by people’s misunderstanding of what they can expect to receive, both in terms of money and material possessions.

To make sure you’re not left reeling have a look through our list of property entitlement myths and the facts behind them.

Myth: “Property and finances are always split 50/50”

Reality: The court will always take time to study the contributions of both parties before making a decision that reflects the needs of each person and what is considered “just” in the circumstances.

Myth: “I’m responsible for the break up so I’ll get nothing”

Reality: Over the course of your marriage you have both earnt a share of the property regardless of who initially instigated the divorce. It will also make very little difference whose name the property is in, especially over a long period of time.

Myth:I owned the house before we were married so it should be mine”

Reality: You would be right to say that the property will be viewed as a significant contribution however your former partner will be seen to have done their bit, helping with its maintenance and development. Tasks such as gardening and decorating will all be taken into account while violent or abusive behaviour may be well be considered a negative contribution.

Myth: “Any personal gifts or inheritance should be exclusively for me”

Reality: Gifts are seen as a contribution made on the behalf of the recipient unless the person who gave the present clearly stated that it was intended only to benefit the individual. Even in this case the importance of such a directive will massively decrease over time.

Myth: “My partner has had nothing to do with my business and therefore shouldn’t receive any financial benefit from it”

Reality: Any deed no matter how small will be seen as a contribution by your partner, for example: entertaining business guests, arranging working times or even just answering the phone. What’s more duties such as caring for the children and maintaining the home will be regarded as indirect contributions to your work. Having a job of their own is another way that they have supported you and therefore your business.

Myth: “The woman always gets the best deal”

Reality: In a purely financial sense the woman will often come out with more than a 50% share however this by no means guarantees a favourable deal in the long term. With the children more often than not in her care she will have much the same outgoings as she did, only now with a heavily depleted earning potential. Whereas men regularly make a full financial recovery within five years women often never return to the standard of living they enjoyed prior to the separation.

Posted: 23/10/2015 12:23:10 PM by Kristen Perry | with 0 comments
Filed under: Family Law

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