My Friend Got 65 Per Cent – is that what I will get?
On separation, a couple will usually have financial ties that they need to sever in order to move on with their lives separately.
The means by which assets are divided between parties on separation take into account an extraordinarily broad range of factors including the length of the relationship, along with considerations of the values of assets, contributions made by each party, and how each party will support themselves and the children into the future.
In very short relationships the parties may settle in similar positions to what they were at the start of the relationship, even if that is a significant disparity in the value of the assets they retain.
However, in longer relationships, which bear children and see various changes in circumstances of the parties over time, this involves not only a consideration of the multitude of types of contributions that are made by each person but also how they move forward and support themselves and their children financially in the future, having regard to any impact that the relationship has had upon them.
What this means is that no two (2) parties can really compare themselves with their friends. There is usually a different length of the relationship, different assets bought into the relationship at the start or during the relationship, different roles undertaken by the parties, different income earning capacities, and different ages and needs of their children.
It is not uncommon for parties to come to us for advice and say that they have similar circumstances to their friend, who has recently divorced, and therefore expect a similar outcome.
During our initial free consultations, we delve deeper into the particulars of a person’s financial circumstances and explain how those circumstances impact their ultimate and appropriate final outcome.
If you would like a personalised assessment of your circumstances, contact us on 07 5609 4933 for a free initial consultation.