Forums > General Discussion   Shooting the breeze...

Property settlement and finances help needed

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Created by Despair A week ago, 4 Dec 2017
actiomax
NSW, 1105 posts
8 Dec 2017 5:36AM
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I would like a copy of the house hold budget .
That can support 3 adults &4 kids pay off 3 loans &put millions in super and have sufficient left over to save even more in offshore accounts all with $100 000 a year .
Of course the ato is interested they are probably recommending you for treasurer.

shaggybaxter
QLD, 841 posts
8 Dec 2017 5:36AM
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I call bull****. Sounds like a juvenile with nothing better to do.

FormulaNova
NSW, 6038 posts
8 Dec 2017 6:59AM
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Mark _australia said..


Despair said..
He doesn't pay the mortgage I do on all 3 loans.

Child support isnt isn't for me that's the kids.
So 70/30 is fair considering he took loans against the home for his personal use.

Also he doesn't support me I support myself.

3 kids are underage. So assets split is higher.




I smell a rat.

You said 5 kids under 6 years of age. Now its 3.

If he took loans in his name they are his liability so why are you paying them?



I think your comprehension is not quite right in this case.

I think she has said that 3 kids are now underage, which I assume to be less than 18 years old. I.e. two are now adults.

From what I recall, she was making a statement that (at one time) there were 5 kids under 5 years of age.

Similarly, if its a joint mortgage, and you take an equity loan against them, its the liability of both people. If you want to keep the house that is.

Despair
38 posts
8 Dec 2017 6:28AM
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The kids are older now. 3 out of the 5 are under age.

The loans are are against the family home. 2 of them. So since I'm living in the family home I pay.

Family court will sort it out when the time comes. As I said all he pays is the child support.

No investments.

Have to pay them or I'll lose the family home.

He doesn't pay those loans. I do. And yes I'm up to date on those morgages.

Despair
38 posts
8 Dec 2017 6:29AM
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Thankyou nova. correctly answered.

Guess sime cant can't read or comprehend.

Despair
38 posts
8 Dec 2017 6:37AM
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Max. Actually his super is managed by him as a SMSF.

He he had more than 1.5mil in it. Now that I've looked at the financial statements.

Just don't get how he can lose that amount and make it all at nil book value.

Need statemnts is is my next question to him.

... main reason for me posting on here was to see if anyone was familiar with SMSF and how it's works. ...

ATO tracks everything , so from his 2016 tax return from his super, it was already under investigation, plus him filing those documents in family court. They aren't stupid. Like I said before all will prevail.

Thanks for the response.

Ps... shaggy I'm difinetely not a juvenile.

quikdrawMcgraw
297 posts
8 Dec 2017 6:46AM
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Want to go on a hot date?

Despair
38 posts
8 Dec 2017 6:57AM
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No thnaks ..mcgraw

have a good day fellas.

SP
9462 posts
8 Dec 2017 7:02AM
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Despair said..
The kids are older now. 3 out of the 5 are under age.

The loans are are against the family home. 2 of them. So since I'm living in the family home I pay.

Family court will sort it out when the time comes. As I said all he pays is the child support.

No investments.

Have to pay them or I'll lose the family home.

He doesn't pay those loans. I do. And yes I'm up to date on those morgages.



Did you sign the loan docs for the additional loans?

Mark _australia
WA, 17064 posts
8 Dec 2017 8:12AM
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^^^ thats what I was getting at in a roundabout way
If he took loans in his own name she should stop paying them and tell the bank it will be subject to Family Court action.
If she was a signatory to extra mortgages on the house, which he then frittered away it is a little more complex but I'd be asking the bank about only paying half, or their hardship provisions.

Next, a real fast google of SMSF shows who regulates them. The first result in fact.....

OK I got confused about the kids but it sounds like vent about the ex and a lmgtfy issue more than a real question.

Now you say its 2 loans that are against the home, but there was 3 a couple of pages ago and you were paying all 3?

Kinda hard for anyone to offer advice ...................... but if one of the 3 was taken by him and not secured against the house I know what I'd be doing there..

Despair
38 posts
8 Dec 2017 9:00AM
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All loans are secured against the house.
Their are 3 of them. 2 equity loans and the house mortgage.
Geez....read novas comments.

Bank doesn't care who pays and
since it's all linked to the family home since I'm in it..I pay.

As as him taking those 2 equity loans they are his.. Yes ...but since he no longer wants to pay them and if I don't I'll lose the family home to repossession.

Famiky court proceeddings is in place for everything. He will be liable for those loans but ATM that's the best I can do is to pay it off and get the banks of my back.

Bank knows we are in family court proceeding.

thanks for the feedback.

Despair
38 posts
8 Dec 2017 9:01AM
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All loans taken was secured against the family home.

SP
9462 posts
8 Dec 2017 9:08AM
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Despair said..
All loans taken was secured against the family home.






But who signed the additional Loan documents?

If it is secured against your home (I. E you are joint mortgage holders) then you would have had to have signed the doc for additional loans as you are the owner of the security.

If you didn't sign then you are either not the owner or he forged your signature.

If your not the owner, why are you paying the mortgage. If he forged your signature he committed fraud.

As for the zero balance fund. The asset he invested in would need to go broke and have no residual Value or he would of had to have withdrawn the money.

I. E if he invested in shares there can't be a zero balance if they are still listed on. The stock exchange.

If he withdrew the money he has breached the SIS act and the ATO will fine him.

You need to find a decent accountant and solicitor they would make sense of your situation in under an hour assuming they had all the facts.

Despair
38 posts
8 Dec 2017 9:56AM
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Thanks SP

im in the process of getting bank loans documents ATM.

As I said he waa in control of all finances and loans, only discovered all this after separation.

Also so have a few appointments with family lawyers and a few financial accountants.

Hope they can make some sense into it.

I know I need representation. Hopefully someone can help.

Like me I said before its so messed up and looking at some of the disclosure he has given. All of it doesn't make sense.

Wish me luck

aprreciate the advice. SP

wish someone in perth new more??

novetti
WA, 164 posts
8 Dec 2017 10:13AM
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Again I want to know the magic you pull to look after 3 kids under 6 years of age, and service 3 loans.

With 3 kids under 6 is almost impossible to have a full time job and work, still have time to post and read here in seabreeze

Despair
38 posts
8 Dec 2017 10:26AM
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Novetti.

Read above what nova said..

Shows how some people don't read full posts.

Thanks again SN and a few others that aren't quick to judge and give out genuine advice.

I'm not here to show you our budget and how I service all loans.
Just after a simply question about how SMSF is operated.

For those that helped starting from Stamps. Honestly appreciate the help and advice and will look into the advice that was given to me.

Thanks again

novetti
WA, 164 posts
8 Dec 2017 11:28AM
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Despair said..
Novetti.

Read above what nova said..

Shows how some people don't read full posts.

Thanks again SN and a few others that aren't quick to judge and give out genuine advice.

I'm not here to show you our budget and how I service all loans.
Just after a simply question about how SMSF is operated.

For those that helped starting from Stamps. Honestly appreciate the help and advice and will look into the advice that was given to me.

Thanks again



Yes I read Nova's post and what I asked is not there.

Of course you don't need to tell us your budget, but your story to the figures just don't add up pure and simple.

We all have mortgages (who doesn't ??) and most of us here work.

You must have extended family helping you (with their time and money) or you must have a HIGH PAID job to service this level of debt plus expenses for 3 kids...

Something is not quite right in your story.

Mark _australia
WA, 17064 posts
8 Dec 2017 12:06PM
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Despair said..
Thanks SP

im in the process of getting bank loans documents ATM.

As I said he waa in control of all finances and loans, only discovered all this after separation.





So you don't know if you are a signatory to those loans?
That's my point - you did say there was 3 loans at the start of this thread, and then you said "2 against the house" about a page back
Now you say all 3 are secured against the house, but you seem to not know if he took them alone or if you are a party to them. That is the sort of stuff u need to know before asking advice. But you did ask advice and mine, based on what you said about "2 of them against the house" was to ask why are you paying them. Don't get defensive, people are trying to advise you but it sounds like you haven't done the groundwork yet..... and have told the story a bit piecemeal which made it hard to understand at times.

Despair
38 posts
8 Dec 2017 1:32PM
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All loans are in both names. ATM looking into who signed the 2 equity ones.
I'm getting documents from bank ATM to see if I actually signed it cause I don't recall signing any loans against the house.
And ive only found this out after separation.

As as for me servicing them no one is helping me except myself.

I'm not defensive it's just that people don't read.

Yes im asking about advice .. when some come with silly questions it's what's annoying.

Its not about if I work full time or not. The loans are taken care of and handled well.

Like i I said doesn't matter if he was the one that took it out it's the fact that it all linked to the family home.

banks doesnt care care who pays it ...all bank what's to know is if it's paid at the end of the month.

He he won't pay any loans against the house. Tells them he has no money. So since I'm the one that's in the marital home I have to pay.

Im fine with that.

All i I wanted to know was advice on SMSF and appreciate those that have.

Thanks again.

Subsonic
WA, 1088 posts
8 Dec 2017 2:26PM
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Despair said..

As as for me servicing them no one is helping me except myself.

I'm not defensive it's just that people don't read.

None of what has been written in anyones posts above explains how you are managing to pay 3 mortgages as a self proclamed single stay at home mum. Lets say all but one of the properties are rented, there are still too many bills for you to be managing to pay it all yourself.

Yes im asking about advice .. when some come with silly questions it's what's annoying.

You are asking for advice. Youve painted a very bleak picture of your situation. At the start i was halfway willing to believe your situation, but youre looking more and more like a troll. People are asking simple questions about things that dont add up, but youre not willing to answer.

Its not about if I work full time or not. The loans are taken care of and handled well.

If youre not working full time, where is the money coming from to pay the loans?

Mark _australia
WA, 17064 posts
8 Dec 2017 2:45PM
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Despair.

If you don't recall signing those two loans but they are in your name also, the bank will allow you to stop paying until its sorted.
That's why I asked (way back)
All banks have a hardship section that will assess it- and by law they cannot pursue anyone unreasonably for repayments, so it is likely they will be on your side.

If he took loans without you knowing and your name is on it you can stop paying those two loans right now, just talk to the bank.
If the bank disagrees you contact the regulator, FOS.

So -
(1) ATO and ASIC for SMSF.
(2) Bank liaison to reduce your payments a LOT. If they won't, then contact FOS as it would be unreasonable to force you to pay stuff that is not yours.


That's all stuff that is piece of cake yourself, no lawyer needed..... and when u do get a lawyer you won't be paying them to make those basic inquiries above (and if he did forge your signature on a loan doc it will be the first thing the lawyer will want. They love discrediting people....)

Then, with that much money flying around in the past surely you two had an accountant...?

youngbull
QLD, 798 posts
8 Dec 2017 5:19PM
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Despair said..

I'm not defensive it's just that people don't read.

Yes im asking about advice .. when some come with silly questions it's what's annoying.

Its not about if I work full time or not. The loans are taken care of and handled well.




So on a watersport forum - that also covers alot of general. But generally after posting a few watersport's related post. This is where you choose to gain advice.
Ummm schools, parent groups and forums, relatives and facebook groups would be where I would ask for advice. Centerlink is surprisingly good at some of this. With having 5 children these resources are everywhere and you should already know this.

The income is not right. To expensive to live especially if only one person is working. But with 5 kids, sorry no way.

Hey I wish you all the best and good luck. Great people here but this is right up there in the last 10 years of odd first post.

Despair
38 posts
9 Dec 2017 8:52AM
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Thanks mark.

I'll take that advice on board.

FOS?

in tHe process of finding out who signed those equity loans.

Atm I have to pay cause it's all linked to the family home they are both secured to the marital home. Defaulting isn't an option ATM cause if I do they will take over in repossession. (Forced morgatgee sale). I've tried my best for that not to happen.

He won't disclose any of his doing.

Bank won't stop payments, I needed to come up with a plan on how I can pay even if it a small amount.

They did hold off while we sold some assets. We still have one that I can't pay that's in financial hardship and in arrears.
Ive just told them they need to wait till that's sold. Surprisingly they have. Not sure for how much longer they can wait.

Its been hard especially in the beginning of the separation but I can see that I'm a stronger person.

As for asic I'll contact them on Monday. Not sure exactly who asic is or if even they'll give me some info.

And yes he has an accountant , but as documents was given to me from his account, it'd clear that something doesn't add up. I honestly think he said to the accountant what to right.

Im going to write him a letter asking for all records to do with his ins and outs of his super and any overseas transfers.
He won't comply but worth a shot.

Im deeply hurt by the fact of what he has done and even more so from the fact that it's been going on for years. Boy was I blind!!

now I know that all this was planned for him to leave and me get nothing.

I know I don't need a lawyer to find out those things above but when he denies it all and you can't communicate its hard. And since I have some copies on what his transferred and how much. I'll need a lawyer for that. To ask him for some answers.

Thanks for for the advice.


quikdrawMcgraw
297 posts
9 Dec 2017 1:24PM
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Im starting to really fall for you we could be the new.power couple instagram famous maybe at least

Despair
38 posts
9 Dec 2017 2:13PM
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Lol McGraw'. Thnaks for the offer but no thanks. I'll be fine. ??

Despair
38 posts
9 Dec 2017 9:49PM
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Wow.

Appreciate some of the guys that posted advice for me.

for those that love taking the piss. I'm not interested in your BS.

Mark. Stamps & SP. thankyou.
Will look into all that you said. Thanks again.

All the best in the water sports fellas.

Ps. As for the last 2 posts. You can both go jump.
Bye all. Thanks to those that offered genuine help.

Despair
38 posts
9 Dec 2017 9:52PM
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I am not struggling just trying to figure out our finances.

Ill be fine.

myusernam
QLD, 4492 posts
Sunday , 10 Dec 2017 3:51AM
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Hi please ignore some people on here. Good luck

actiomax
NSW, 1105 posts
Sunday , 10 Dec 2017 7:18AM
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Just on the off chance that he has lost all the money & now you got every body on him & he is
now getting divorced with avo & middle aged & destitute & you want 70% .
I can imagine his head would not be in a good place.
Well statistically there is a high chance of suicide is the extra 20% worth it compared to the next 10years of maintenance & would it be worth it to deprive the children of there father ?
Suicide under these conditions is all too common. and don't fool yourself that you know him & he won't as all of this has taken you by surprise .

fanfare
55 posts
Sunday , 10 Dec 2017 5:26AM
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actiomax said..
Just on the off chance that he has lost all the money & now you got every body on him & he is
now getting divorced with avo & middle aged & destitute & you want 70% .
I can imagine his head would not be in a good place.
Well statistically there is a high chance of suicide is the extra 20% worth it compared to the next 10years of maintenance & would it be worth it to deprive the children of there father ?
Suicide under these conditions is all too common. and don't fool yourself that you know him & he won't as all of this has taken you by surprise .


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"Property settlement and finances help needed" started by Despair