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.
Can I Protect My Assets?
There are a few different ways to protect your property and assets, and it’s a good idea to understand them before you enter into a committed relationship. This is especially true if you enter the relationship with a significant amount of money, property or other assets.
The easiest and safest way to protect your assets is by signing a prenup agreement. This basically involves signing a legal document that outlines the major assets that each party takes into a relationship.
Some of the other things you can do include keeping premarital funds in separate accounts, keeping clear financial records, keeping property in separate names and even opening some sort of trust. Speak to your local lawyer or accountant to find out more.
How Will My Assets Be Split?
There area number of steps and things to consider when working out how much each party gets in an Australian divorce settlement. To begin, the total value of any shared assets will be worked out, including things like property and motor vehicles.
The contribution of each partner to the relationship is taken into account in both financial and non-financial terms, especially if one partner was working any the other wasn’t. Future arrangements such as the need to provide for children and future income are taken into account as well.
Finally, a court or divorce mediator will come up with some sort of separation based on these considerations. Using a decent family lawyer can help you improve the property settlement process, ensuring that you end up with a completely fair outcome.
The division of assets following a divorce or separation can be a difficult and confusing process, especially if the separation in question was a little messy. There are a lot of things to take into account when working out who gets what, so it’s often a good idea to consult a decent family lawyer.