Whether your wife is entitled to half your savings depends on the existence of a Binding Financial Agreement or the specific findings of a property settlement. There is no automatic presumption of an equal division of assets.
Binding Financial Agreements during marriage
Under section 90C, couples can enter into a written agreement specifying how property and financial resources are dealt with if the marriage breaks down. This allows parties to pre-determine the division of specific savings and avoid the uncertainty of a court order.
Agreements after divorce
Parties can still resolve the division of assets after a divorce order has been made by entering into a written agreement under section 90D. This agreement can cover property or financial resources that either or both spouse parties acquired during the marriage.
Superannuation entitlements
Savings are not limited to cash; superannuation is a key financial resource that can be split. Under section 86 of the Regulations, a non-member spouse may be entitled to a payment from a superannuation interest based on adjusted base amounts and specific valuation dates.
The maintenance override
A significant difficulty arises when an agreement leaves one party in financial hardship. Under section 90F, a court may still make orders for spousal maintenance if it is satisfied that a party cannot support themselves without an income-tested pension, allowance, or benefit.
Questions to consider
- Is there a existing Binding Financial Agreement that specifically addresses the ownership of savings?
- How would the splitting of superannuation interests under section 86 impact the overall division of assets?
- Would a strict division of savings leave one party unable to support themselves without government assistance?
This information is general in nature and does not constitute legal
advice. For advice specific to your situation, contact JB Solicitors.