All Topics / Legal & Accounting / Separation money question

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  • Profile photo of justin71justin71
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    @justin71
    Join Date: 2007
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    Hi guys,

    If you separate with your wife, and there is an account that has money in it under her name, is this just hers or are you entitled to any of it?  House has both our names on it, cars have diferent names etc.  I mean it was left to her from her aunt in a will, well the flat was that was sold.  I cant seem to find info on the law sites about this, just divorce info.  Thanks in advance

    Justin

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
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    Try fullkit.com.au might have something

    Profile photo of davemorisdavemoris
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    @davemoris
    Join Date: 2012
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    I think every wealth and financial aspects is shared between the two of you the day you both got married.

    Profile photo of kong71286kong71286
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    @kong71286
    Join Date: 2009
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    "The key consideration in determining the in which an individual savings account is handled in a divorce case is when and how the money in the account was obtained. If the money in the account consists of wages earned by the spouse who opened the account during the course of the marriage, this money is considered marital property and is subject to division. However, if one of the spouses brought the money into the marriage and placed it in a segregated, individual account, the cash is not likely considered a marital asset and will be set aside for the spouse who earned the money before the start of the marriage."

    Livestrong.com

    Profile photo of justin71justin71
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    @justin71
    Join Date: 2007
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    thanks guys

    a flat was inherited while we were married (we are still married but separated a month ago) which WE finished reno'ing and sold it, money put into a savings account under her name.  But this thing with this stuff is, that if the wife wants to , she can just empty the money out before the divorce/ if the divorce go's through.  So If I was the wife and wanted to be mean, i would just empty that account and put the cash somewhere or in the mothers safe or something.  Or am I missing something?  

    Profile photo of CatalystCatalyst
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    @catalyst
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    Yeah that's true.

    Do you want to take her inheritance?

    I think you should be entitled to some due to doing the reno. I know you are talking legally but are morals coming into it?

    Profile photo of Stephen01Stephen01
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    @stephen01
    Join Date: 2012
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    Legally i had a similar situation

    Depends how bitter you are,

    It can as far as a split in all assets including superannuation 

    Profile photo of jmsracheljmsrachel
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    Being born male means you get penalised come divorce time. I’m making sure I’m coming female in my next life

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    Posting links to american websites won't help if you are located in Australia.

    Names on property dont really matter that much in divorce property settlement. Check out the family law act and the family law court website.

     Property of the marriage can be divided. This can include all property of individuals of the marriage including land, cash, inheritances etc.

    Who gets what will depend on a heap of factors including where the property come from, who contributed to it, needs etc.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of justin71justin71
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    @justin71
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    lol yeh too true!

    Profile photo of PM @ CQ Executive PropertiesPM @ CQ Executive Properties
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    @pm—cq-executive-properties
    Join Date: 2012
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    Yes that's right, if we're talking morally, why is it that the wives can take super as well as money, assets & more etc…

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