TY
Tiffany Yeo
Graduate Lawyer
The recent judgement highlights that even if you do not have children together, you may still be required to pay your ex-partner a significant sum if you separate.
The Facts
- Husband and Wife were married for 22 years
- Husband was 70 years old; Wife was 66 years old
- There were no children of the relationship
- The asset pool was valued at $740,976,274, most held in a Trust set up by the husband
What Did the Parties Want?
The Wife sought an equal split of the asset pool. The Husband offered her nothing. The Court ultimately awarded the Wife 27.6% — valued at $203,768,475 — which was reduced in part because the Wife had been a chain smoker.
Why Did the Court Adjust the Property?
The Court held it was just and equitable to adjust the property given the length of the marriage, the contributions of both parties (financial by the Husband and non-financial homemaking support by the Wife), and the effect the marriage had on the Wife's career and earning capacity.
"The Husband submitted that during the marriage the Wife had enjoyed spending time with her friends and first class international travel. The Wife contended this reflected archaic misogyny, out of step with modern society."