When you separate, divorce or end a de facto relationship, you’re often left with the tricky task of how to separate your finances from your former partner.
Often there are still a range of financial ties after separation such as a house, cars, furniture, personal possessions, savings and debts.
We aim to help you achieve a “clean break” with a minimal amount of legal fuss and expense, so you can move on with your life.
There are many ways property matters can settle, without the need for any Court proceedings.
Some different types of property agreements can include:
We will advise you about the best options for you and give advice tailored to your unique circumstances.
When we’re talking about your life savings, it’s so important to get it right!
So how do you figure out what each party should be entitled to after separation? We generally start with the four step process, outlined below:
What assets actually count as assets for division? In this step we consider things like real estate, vehicles, savings, household contents, superannuation, shares and other “assets”.
Sometimes there will be things that don’t count as assets of the relationship, such as one party driving a company car. Even if something doesn’t count as an asset, it might still count as a “financial resource” to be considered in step 3!
In this step we consider how did each of the parties contributed towards accruing the assets and debts of the relationship.
What assets did each of the parties own at the beginning of the relationship and should that impact what they receive now?
Did one of the parties make significant contributions toward the relationship that were not “financial” in nature (such as caring for the children or making improvements to the house by way of skilled labour)?
Did either of the parties receive any significant gifts or inheritances which should result in them receiving an adjustment now?
For an extensive list of the things that the Court would consider, you can check out section 79(4) of the Family Law Act 1975.
In this step we consider what the future needs are for each party.
We take into account the age and health of each person, the financial resources and earning capacity of each person and whether one person will have the care of the children or other people into the future.
We also look at whether each party is in a new relationship and to what extent this should be considered in the settlement.
We examine the length of the relationship and to what extent this should effect what each party will receive.
For an extensive list of the things that the Court would consider, you can read section 75(2) of the Family Law Act 1975.