Last year there were half as many divorces as there were marriages. Of the marriages, more than one third needed a remarriage for one or simply both partners. While marriage seems to be out of fashion, chances are that the statistics for de facto relationships are merely as bleak.
Choosing which assets to keep and sell and how to split the retained assets requires careful consideration. Living costs are higher after a separation, as a result before you commit to taking on any family home and mortgage, prepare a new budget.
There will also be penalties associated with early repayment of debt (eg mortgages and personal loans). After getting agreed who will own which inturn assets, make sure the property transfers for your major means are completed properly by way of notifying the relevant specialists or in writing.
To avoid arguments about dividing bank account proceeds, you should keep an accurate track record of all financial transactions after the separation date and until a settlement is agreed. If you take a cash payment out of your partner as part of your settlement, input it into a short term deposit while you consider your options.
Joint loan company accounts and credit cards is a source of trouble, particularly if all the split is acrimonious. Generally, if your bank is made concious of the separation, it will freeze joint accounts until an agreement is reached. That will prevent one partner possibly absconding with the bank account carries on or running up huge credit card debts.
Under present law, if a relationship has held up for at least three years, the two main parties have equal privileges to the property unless they may have previously entered into a contracting out agreement for all the division of property.
While it can be good for the children to stay in any family home, it may be unaffordable. Don’t be in a rush to cash all the way up insurance policies or investments without checking on how much you will drop by way of accumulated bonuses and also withdrawal fees.
Gifts, personal elements such as jewellery or clothing, and inheritances that have in no way been mingled with various property should not be included within your list as these are certainly not usually considered to be relationship property or home. For some assets, such as your house or business or distinctive items such as artwork or antique furniture you may need to pay an independent expert to provide a valuation.
The starting point is to make a list of everything you own and everything you owe as in the date of separation. The assets should be valued in what they are worth at the date of separation, not what they were purchased meant for.
Similarly, your debts should be appraised in terms of the current balance positioned to pay. Your list include the value of insurance policies, investments, superannuation schemes and businesses owned as well as your house and contents, vehicles and lender accounts.
It is easier to make good decisions on the subject of your money when some time has elapsed and emotions have settled. Depending on the complexity with the affairs it can take several months or even just years to reach a final arrangement of your financial affairs, particularly if one party is unco-operative. Don’t forget to update your will as a separation or divorce does not override its items.
Separation and divorce are traumatic and highly emotional events but somehow, efficient issues such as what happens to your kids, the house and the funds need to be sorted out. In the event you in the process of separating and contemplating separation there are some actions that will make sorting out your financial affairs much simpler.
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For some people, heading into a new relationship might be the vital thing on their minds, for others it is the last thing. Whatever the case, have some legal advice on how to very best protect your now halved assets in future family relationships, otherwise you may find them getting halved again!