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justbreath

Percentage of assets in divorce.

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justbreath

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Edited by justbreath

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RPM

I don't have a lot of experience, but I think you should talk to a lawyer about the custody arrangements.

 

It is unusual now for one parent to have such a high level of primary care (the default starting position is 50/50). Unless your husband asks for a lower level or you have very unusual circumstances.

 

If you do get primary custody, 70/30 or even 80/20 could be doable - particularly if he has more super and gets to keep this (in which case, he might technically get a higher share than 20 or 30%, but I think you are concerned with the assets you could currently access not those that are locked up until 60).

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Dadto2

My ex and I earn similar amounts, the split was 54/46 in her favour. She bought me out of the family home. Would your ex be OK with 80/20?

Edited by Dadto2

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justbreath

My ex and I earn similar amounts, the split was 54/46 in her favour.

 

I am assuming this is not a relationship where one party does 100% of the child care and home stuff and works one day a week while the other works full time and does 0% of the child related care. Plus where there is a child with additional needs meaning one parent will likely never be able to work full time. Or at least not in the next 5-10 years.

Edited by Lostandheartbroken

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justmeplus4

How would you finance such a large mortgage on a low income?

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justbreath

Just to be clear, we don’t earn similar amounts. I earn less than half his salary due to me casting for all kids.

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justbreath

How would you finance such a large mortgage on a low income?

 

By renting part of the house (set up allows this) and probably family support.

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laurs

You need to take super into account as well, and I imagine from what you've said that he would have a lot more than you.

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qak

a friend recently reached a 80/20 agreement with her ex but I really have no idea what is realistic.

 

I would be talking to her solicitor, even just to get onto their client base so your husband can't.

 

As per PP - if you get the house & mortgage, how would you pay the mortgage?

Also think about what happens if NDIS is withdrawn.

Make sure you are taking into account net assets when calculating values. And yes, super values should be counted too.

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Cimbom

By renting part of the house (set up allows this) and probably family support.

Speak to a broker about this first. I doubt you'd service a mortgage of that size with such an arrangement. The criteria is a lot a tighter now as well

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bearosauraus

Have you agreed on the care arrangements? Probably the first place to start and then work from there.

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nom_de_plume

What’s realistic depends on so many different variables. It’s hard to say. I think you need legal and financial advice.

 

Your post assumes your ex wants no custody of the children at all and wants to retain the house. I don’t think that’s a realistic expectation unless he has already expressed this. Him having some custody will effect child support, any payments from Centrelink and your earning capacity. He may want/need to sell the house to finance a future residence for himself or the divorce settlement.

 

An 80/20 asset split probably isn’t likely if he wants some sort of custody and there isn’t a huge wage disparity (as in you’re on the minimum wage and he’s on $200k+).

 

I also think you’ll find it very difficult to get a loan to take over the mortgage in your circumstances. The lending criteria is very tight at the moment and it sounds like you’re earning the average wage (or less) with 3 dependents. To put it in perspective, DP and I are currently applying for a loan and we both earn above the average with 3 dependents. We were offered $750k about 6 years ago, but now the bank will only do $500k.

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rileys-mum

If you are renting part of the house out - there are also tax implications for this. Please get some financial advice around all of this.

 

Financial stress is hard- it eats away at you.

I am not saying sell the house - but consider it a possibility.

A mortgage of $200k is vastly different to $400k.

You son that needs the extra support is likely to be better off with a parent who does not have to worry about $ all the time or has to work extra days to make ends meet.

Interest rates are at an all time low - consider what happens when they rise 2%, 3%....

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justbreath

M

Edited by justbreath

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Dianalynch

My mortgage payments with the rent (which is effectively what we already do) are far less than rental prices for even a 2 bed unit so financially and security wise it makes sense.

 

Might be worth talking to your bank to check what mortgage you can have in the event you do separate?

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Handsfull

Child support will be determined on income tax for last financial year and estimates. You hardly work due to kids so he will def have to pay you more. If he earns a lot it may be more than $250 a week. You’ll find he will have the kids even if it’s 2 nights a fortnight. I know lots of parents where one has the kids a lot. It’s only 50/50 if they want to lower their child support or truly want their kids. Mine wanted his lifestyle more than his kids.

 

You might be surprised when you chat to him what he thinks the split will be.... mine said 60/40 to him.... go figure and I had the kids!!

 

My split was 65/35 to me roughly and I have spec needs kids as well.

 

Get some legal advice but be prepared that if you want the house you will have to qualify to refinance it as a sole applicant. It’s tough like others have said.

 

School and health fees need to be taken into consideration too if you do a financial agreement about child expenses. Mine expects me to pay for everything most of the time.

 

Sorry that you’re going through this but you need some proper advice from lawyer as to where you stand.

 

GL.

 

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Coffeegirl

My mortgage payments with the rent (which is effectively what we already do) are far less than rental prices for even a 2 bed unit so financially and security wise it makes sense.

 

Yes but that mortgage was given based on your husbands income being included. Not yours on it’s own.

 

Banks have tightened lending significantly and you should assume they will be happy to give you a large mortgage considering you have no way to pay it back at the moment.

 

I highly recommend you go to all to your bank and see a lawyer to ensure that you have all the bases covered.

 

 

Back to your question. Friends of ours recently split. They have 50/50 care but she ended up with 70% of the assets.

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BadCat
You need to take super into account as well, and I imagine from what you've said that he would have a lot more than you.

 

Super can be excluded if you both agree to leave it off the table. Work out which is a better option for you. If he would lose a chunk of his super you can use that as a bargaining chip. Agree to leave the super out of it for a better percentage split.

 

My ex walked away with zero custody (his choice), I had zero income, he had about 70K, and I got about 65/35 which is better than both the lawyers I consulted said I'd get.

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-Emissary-

My mortgage payments with the rent (which is effectively what we already do) are far less than rental prices for even a 2 bed unit so financially and security wise it makes sense.

 

Doesn’t really matter. A lot of people can argue that their rent is the same as the mortgage repayment but that doesn’t mean they will be able to take out a loan. Why? Because you can use 50% of your whole income on rent but the bank would never allow you to take out a loan if the mortgage repayment is 50% of your income. The banks will only lend what your income can service and they will take into account additional rent if you are able to prove the income stream.

 

Use the cba online calculator (how much can I borrow) to have an idea of what the bank will allow you to borrow. Make sure you put in a realistic amount for your expenses as they will assess it in details these days.

Edited by -Emissary-
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IShallWearMidnight

I would seek financial advice. A friend recently went through this and she had to return to full time work to be able to secure a new mortgage for their home. She rents out the master bedroom/office/ensuite to help cover costs as well.

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AmazonBabe

Get legal advice.

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Claudia Jean

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Edited by Claudia Jean

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Behind Hazel Eyes

Have you added his super in? He'd probably have a decent amount. You might be able to offer to not touch it in return for more of the Home equity.

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Sunshine streaming

I'll add to the mix from a different perspective. I would not be accepting child support according to the calculator. It is so out of date with the actual costs of children and especially when there are special needs. You should consider a binding child support agreement that takes into account medical and dental, specialists, school fees, extra-curricular activities etc, as these costs are likely to be considerable over the next 10-15 years based on your kids age and child with special needs.

 

Alternatively, you can use these costs as a basis for negotiating a higher percentage in the split now, but then may need to accept less for child support (csa only, or csa plus if he will agree).

 

A good lawyer is what you really need.

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qak

When we talk about the super, we mean that the value of your and his super balance is taken into account for the total assets.

 

For argument's sake, say the split did come out at 80/20.

 

You could get 80% of his super + 80% of the house;

or you could get the $ value of his super added to your 80% of the house instead, and take 0% of his super.

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