property division
- Thread starter fernfurn
- Start date
Yes, they would still have a property settlement to do.
Not sure if there would be jail time especially if account held in joint names and withdrawals only required one signature. That's not illegal, nor is walking out of a marriage .
Similar situation occured to a friend of mine a few years ago....Ex husband was redrawing from the LOC on the family home unbewknown to the wife. (He looked after the financial affairs) After he left she discovered there was $350k missing. All his withdrawals were detailed in her affadavit and treated as his share of the settlement proceeds.
Same principal would apply here I'd imagine. Assuming a 50/50 split and their other assets net of debt worth the same as what she had taken in cash then she'd get nothing more and he'd get what was left, including the house.
I believe ozmale is correct. Generally it would not be an offence as both are title holders of the account. Maybe if there was forgery of a signature.
In any property settlement the percentage would be worked out and then likely that any money take would be worked into this.
There was a recent AAT case involving a couple who would both members and trustees of a SMSF. The husband illegally withdrew $1mil + and fled overseas to Turkey. Poor wife had to cop a fine and the fund was taxed heavily because of the withdrawal was a breach of the SIS Act as no condition of release had been met. Double whammy but that was the law and the wife as trustee had breached her duties by allowing this to happen. Shail is the name of the case from memory.
In any property settlement the percentage would be worked out and then likely that any money take would be worked into this.
There was a recent AAT case involving a couple who would both members and trustees of a SMSF. The husband illegally withdrew $1mil + and fled overseas to Turkey. Poor wife had to cop a fine and the fund was taxed heavily because of the withdrawal was a breach of the SIS Act as no condition of release had been met. Double whammy but that was the law and the wife as trustee had breached her duties by allowing this to happen. Shail is the name of the case from memory.
possession is 9/10ths, especially when you have spent it... friend of friend had the house in hubbies name, after he left he refi'd it and lived it up. not much you can do about it and a couple of years in the divorce courts will soften each side up and by the time you have each spent $100k on lawyers.... MAD - mutually assured destruction
Part of the information required would be whether there are other orders or issues with the house, such as family court orders or injunctions, or caveats on the property. Breaching family court orders might land you some jail time in a worst case scenario.
But seriously, this person should be going to see a family lawyer before doing anything like selling the house.
Sure, totally agree . The situation I illustrated was a clear cut one where one party walks out of a marriage taking the loot with them and leaving the other with the house and responsibilities assuming no orders by the family law courts in respect of any property.
Yes, there wouldn't be jail time or anything of that nature - assuming, as you have said, the title (and presumably any liabilities secured against the property) are in the husband's sole name and he is selling.
The wife could of course lodge a caveat over the property or seek an injunction to prevent the sale.
Really, the husband needs to speak with a family lawyer about organising a property settlement with the wife as soon as possible. If there is no legally recognised property settlement, there is nothing stopping her from commencing proceedings down the track to seek a share of the sale proceeds, or any other assets.
Just because she withdrew a huge sum of money before she ran doesn't mean that the courts won't give her anything else; it depends entirely on the composition of the property pool, contributions during the marriage and post separation, future needs of the parties etc.
Get advice from a family lawyer.
The wife could of course lodge a caveat over the property or seek an injunction to prevent the sale.
Really, the husband needs to speak with a family lawyer about organising a property settlement with the wife as soon as possible. If there is no legally recognised property settlement, there is nothing stopping her from commencing proceedings down the track to seek a share of the sale proceeds, or any other assets.
Just because she withdrew a huge sum of money before she ran doesn't mean that the courts won't give her anything else; it depends entirely on the composition of the property pool, contributions during the marriage and post separation, future needs of the parties etc.
Get advice from a family lawyer.
