After more than 30 years marriage, he told me that he wanted his freedom and independence! He has now moved out of our home (the move was his own decision). I have some questions regarding property issues on separation / divorce, and hope to get some broad views from forumites on these. I know it is complicated, but some preliminary views would help me a lot.
On friends' advice, two months ago I went to see a lawyer to ask questions about a legally binding financial agreement. It cost me almost $1,000 for 2 hours consultation. However, the question I now have did not come up at the time I saw the lawyer. I can share some general advices I received - based on my particular situation.
Since we were married for more than 20 years, the assets (mainly properties) will get split 50/50. He is earning a very high salary, however, I will not be able to get any financial support from his salary because we don't have children underaged and the court will say that I will be able to get a job (eventhough I am over 55 - both of us are over 55). However, I can argue for a slightly higher percentage than 50% in the split-up of assets, based on my age and that I have not worked for over 10 years. I maybe able to get some of his superannuation - based on the new laws. We currently have a self managed super fund with 20% my contributions and 80% his.
I am waiting for him to see his lawyer to draft the binding financial agreement which he has promised to do for a couple of months. Once he gives it to me, I will go back to the lawyer I saw for his opinion.
In terms of assets: we have a PPOR (I am living in, and he lives in a rented unit - his choice to move out), 3 investment properties all in a family trust, and a share portfolio. We have mortgages on all the properties and the share portfolio. We have agreed to sell (but not being done yet) one property which has been performing poorly for many years.
He has been pressuring me to sell the share portfolio and repay the loan attached to it, as well as sell the other 2 investment properties (these have performed very well since we bought them 4 years ago). HOWEVER, when I told a friend about this. She said I should not sell anything for now because whatever I do it will be for his benefits and not mine. She said if I sell the shares and the investment properties, besides the extra costs, there will not be any assets left to split in the settlement - other than the PPOR.
Question: I would like to know if any forumite agrees with my friend's view, that I should not agree to sell anything until the binding financial agreement is in place?
He kept changing his mind in terms of what he would give me. First, he said I could continue to live in the PPOR and he would get a job overseas and keep the investment properties. Now, he said the overseas job is a remote possibility. So, he suggested that I move overseas to live with my sister instead, and he would move back into the PPOR and give me my portion in cash to take overseas with me for living expenses (he can easily borrow money for this based on his high salary).
However, I am thinking differently: the PPOR is worth the same as the combined value of the two remaining investment properties. I don't want to live overseas - all my friend network is in Australia. I want to negotiate with him for me to keep the PPOR, and for him to keep the 2 investment properties. Yes, there are loans on these, but the rental income and his salary are more than adequate to cover the interest expense. The main advantage for him is the tax benefits from his high salary. To date, we have always been able to service all the loans from his salary alone.
Question: Does any forumite have a view on the above?
Thanks in advance!
On friends' advice, two months ago I went to see a lawyer to ask questions about a legally binding financial agreement. It cost me almost $1,000 for 2 hours consultation. However, the question I now have did not come up at the time I saw the lawyer. I can share some general advices I received - based on my particular situation.
Since we were married for more than 20 years, the assets (mainly properties) will get split 50/50. He is earning a very high salary, however, I will not be able to get any financial support from his salary because we don't have children underaged and the court will say that I will be able to get a job (eventhough I am over 55 - both of us are over 55). However, I can argue for a slightly higher percentage than 50% in the split-up of assets, based on my age and that I have not worked for over 10 years. I maybe able to get some of his superannuation - based on the new laws. We currently have a self managed super fund with 20% my contributions and 80% his.
I am waiting for him to see his lawyer to draft the binding financial agreement which he has promised to do for a couple of months. Once he gives it to me, I will go back to the lawyer I saw for his opinion.
In terms of assets: we have a PPOR (I am living in, and he lives in a rented unit - his choice to move out), 3 investment properties all in a family trust, and a share portfolio. We have mortgages on all the properties and the share portfolio. We have agreed to sell (but not being done yet) one property which has been performing poorly for many years.
He has been pressuring me to sell the share portfolio and repay the loan attached to it, as well as sell the other 2 investment properties (these have performed very well since we bought them 4 years ago). HOWEVER, when I told a friend about this. She said I should not sell anything for now because whatever I do it will be for his benefits and not mine. She said if I sell the shares and the investment properties, besides the extra costs, there will not be any assets left to split in the settlement - other than the PPOR.
Question: I would like to know if any forumite agrees with my friend's view, that I should not agree to sell anything until the binding financial agreement is in place?
He kept changing his mind in terms of what he would give me. First, he said I could continue to live in the PPOR and he would get a job overseas and keep the investment properties. Now, he said the overseas job is a remote possibility. So, he suggested that I move overseas to live with my sister instead, and he would move back into the PPOR and give me my portion in cash to take overseas with me for living expenses (he can easily borrow money for this based on his high salary).
However, I am thinking differently: the PPOR is worth the same as the combined value of the two remaining investment properties. I don't want to live overseas - all my friend network is in Australia. I want to negotiate with him for me to keep the PPOR, and for him to keep the 2 investment properties. Yes, there are loans on these, but the rental income and his salary are more than adequate to cover the interest expense. The main advantage for him is the tax benefits from his high salary. To date, we have always been able to service all the loans from his salary alone.
Question: Does any forumite have a view on the above?
Thanks in advance!