Financial info divorce/kids in AU
August 31, 2009 4:59 AM
Australian Family Law filter. Spouse maintenance, child support,divorce financials?
Had a heated fight with my partner of 12yrs tonight. She asked me to leave for good, and made a comment along the lines of she would bankrupt me and take the kids.
Both calmed down now and apologised, but I am feeling a bit vulnerable because I have no idea what my financial responsibilities would be if she did walk out.
Can anybody give me an idea what spousal maintenance and other obligations would be like? I have heard anecdotal stories of guys losing 80% of their incomes.
Details: I work, she doesn't, and hasn't for some years. I earn $110,000. We have 4 kids, all under 9 years old. Few assets except a mortgaged home and some compulsory superannuation. I would hope to share custody of the kids (and have a situation where that could be achievable).
To head off the off-topic advice, I am looking into counselling, we don't usually have such bitter fights, there has been no infidelity or violence, I am committed to my kids (and my marriage).
I would just like some realistic info on what divorce financial settlements look like in Australia, or if they are too variable, maybe some examples?
Note this is in the work & money category, not relationship filter.
Had a heated fight with my partner of 12yrs tonight. She asked me to leave for good, and made a comment along the lines of she would bankrupt me and take the kids.
Both calmed down now and apologised, but I am feeling a bit vulnerable because I have no idea what my financial responsibilities would be if she did walk out.
Can anybody give me an idea what spousal maintenance and other obligations would be like? I have heard anecdotal stories of guys losing 80% of their incomes.
Details: I work, she doesn't, and hasn't for some years. I earn $110,000. We have 4 kids, all under 9 years old. Few assets except a mortgaged home and some compulsory superannuation. I would hope to share custody of the kids (and have a situation where that could be achievable).
To head off the off-topic advice, I am looking into counselling, we don't usually have such bitter fights, there has been no infidelity or violence, I am committed to my kids (and my marriage).
I would just like some realistic info on what divorce financial settlements look like in Australia, or if they are too variable, maybe some examples?
Note this is in the work & money category, not relationship filter.
Superannuation can also be split as part of a divorce settlement: ato info here.
posted by jacalata at 11:08 PM on August 31, 2009
posted by jacalata at 11:08 PM on August 31, 2009
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http://www.csa.gov.au/estimator/estimator.aspx can tell you what your child support load would be - in australia, child support is generally a percentage of your actual income (called a Formula Assessment - see http://www.csa.gov.au/ChildSupportFormula/formulaAssessment.aspx). This is not true, for example, in america, where it is a percentage of your _potential_ income as determined by a judge.
As for other property, seperation in australia is a 50-50 split of assets and cash, including the house. This, as often as not, involves selling the house and splitting the money. This may actually be undesirable given the current housing market, however.
posted by jaymzjulian at 7:36 AM on August 31, 2009