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Date of Financial Settlelemt

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Lexi01 View Drop Down
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Joined: 25/September/2017
Location: Australia
Posts: 7
  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Topic: Date of Financial Settlelemt
    Posted: 25/September/2017 at 11:03
Hi Guys...first post here.

My wife and I have decided to call it quits after over 20 years. She has a lawyer - I don't.

He wrote to me on May 4th asking for all the financial details, accounts, balances, etc. I replied on the same date and he sent me their initial proposal 6-7 weeks later.

Does that mean that any money I earn after that date is 100% mine?

Also, if I was to buy a new car (100% financed) is that car safe from being included in any settlement?

Thanks in advance.

Edited by Lexi01 - 26/September/2017 at 09:47

DoogleMcFroogle View Drop Down
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Joined: 09/July/2013
Location: Australia
Posts: 114
  Quote DoogleMcFroogle Quote  Post ReplyReply Direct Link To This Post Posted: 25/September/2017 at 16:22
NO - has everything been signed off on and sorted? Check the proposal - there should be mention of that once everything signed off on, each party can no longer chase the other party for monies after " property settlement "

Lexi01 View Drop Down
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Joined: 25/September/2017
Location: Australia
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  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Posted: 25/September/2017 at 17:11
We're midway through the procedure.

I have her lawyers initial proposal. I was under the impression that anything I earn after the date of separation was 100% mine?

I provided all of my account balances, debts, assets in May.

Will they ask for updated numbers at some point?

Edited by Lexi01 - 26/September/2017 at 09:48

Sonata View Drop Down
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Joined: 24/November/2015
Location: Australia
Posts: 179
  Quote Sonata Quote  Post ReplyReply Direct Link To This Post Posted: 25/September/2017 at 20:09
The value of the shared asset pool is determined on the day of settlement, not the date of separation. It's on your best interests not to make any major purchases until your property settlement has been finalised.

emca01 View Drop Down
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Joined: 20/July/2012
Location: Australia
Posts: 2191
  Quote emca01 Quote  Post ReplyReply Direct Link To This Post Posted: 26/September/2017 at 07:56
yup date you sign on the dotted line to finalize stuff. That is why it is a good idea to get it sorted quick...
Don't buy a lotto ticket... The fact that you have not lived with her for months means nothing a lotto win (using an exaggeration to prove the point) would be considered a factor in the settlement... Get the settlement done - THEN buy a lotto ticket.

Lexi01 View Drop Down
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Joined: 25/September/2017
Location: Australia
Posts: 7
  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Posted: 26/September/2017 at 09:45
Will we be required to show transaction statements or just provide balances again?

Edited by Lexi01 - 26/September/2017 at 09:49

DoogleMcFroogle View Drop Down
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  Quote DoogleMcFroogle Quote  Post ReplyReply Direct Link To This Post Posted: 26/September/2017 at 14:53
Hopefully nothing - you have already provided them - you are just negotiating proposals/counter proposals until agreement met and signed.
You may need to provide again if it goes to court

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