How to separate your finances and divide your assets
Common questions asked when couples are separating are: ‘Who has to move out? What about my business? Who gets the house? Can I keep my car / motorbike / boat / superannuation? Who has to pay the mortgage? What happens to our joint accounts?
In most cases it is best to divide your assets and debts soon after separation. Sharing assets and jointly paying debts can put you at risk financially and leave you feeling caught between the relationship and separation. Coming to a formal arrangement about the division allows you control over your financial situation and allows you to feel like the relationship is over, so you can start to heal and move forward in your life.
In some cases (for example where there are children and the parents want to ensure someone can afford to keep the family home) it can be better to take things slowly. Our experience has been that, even in those cases, it is best to have an early discussion about who will pay which debts and how to ensure both parents have what they need to care for the children.
A formal arrangement can be made by agreement or, if you cannot agree, a court can make the decision for you. We strongly believe that there is often a compromise that will ensure both parties are left in a viable financial position. Talking to your accountant or a financial planner can help, as they can advise you on which assets/liabilities would be best for you to keep. We can then negotiate, mediate or seek court orders for you to keep those assets/liabilities. We look for a creative solution that allows each party to keep what they most want.
Our pricing structure has several fixed fee plans, which include liaising with the other professionals in your life (financial planners, accountants etc) to assist you to develop and implement a sound financial plan.
More information and resources
We have gathered a list of Frequently Asked Questions here.
We also have a Resources page, which includes information about how to prepare financially for separation, a checklist of things you should consider after separation, how to find superannuation you may not know of and how to order a Certificate of Title for your property.
