Separating from a partner can be difficult on both a mental and an emotional level. However, separations usually involve more than just splitting up with your significant other – in many cases, you will have to figure out some method of splitting assets.
Employing a decent family lawyer is a good idea when it comes to dividing your assets post-separation. However, a lot of people don’t realise just how the asset division process works, and are therefore taken advantage of unknowingly.
With this in mind, we’ve put together a brief summary of how asset division post separation works. Remember, everything below is meant only as a guide – make sure that you speak to a decent lawyer before making any binding decisions.
Under What Circumstances Will Our Assets Have To Be Separated?
Generally, you and your former partner will have to come to some agreement about the separation of your assets when you’ve either been married or are considered to have been in a de facto relationship. The exact circumstances surrounding de facto relationships can be unclear, so it’s a good idea to seek clarification from your local family lawyer.