top of page

How to split assets after separation

How to ensure you get what's yours during a divorce...

The process of divorce is never easy and the emotional wounds can be deep. When you get divorced, it's not just about dividing assets and property. You also need to make sure your children are taken care of and that your spouse doesn't walk away with everything you've worked so hard for. This article will teach you how to protect yourself during a divorce proceeding in order to get what's rightfully yours!

When you and your spouse decide to go your separate ways, the process of dividing assets can be tricky. Here are a few tips on how to make it as smooth as possible:

- Make sure you have an accurate list of all your assets and their values. This will help avoid any confusion or disagreements later on and if something goes missing you know what was taken. This includes anything from family heirlooms to jewellery or any other items that have sentimental value.

- Change the locks on your home to prevent someone from sneaking in and stealing anything.

- If you're having trouble with your ex, try mediation instead of court proceedings - this allows both parties to be equally represented by a third party (the mediator). You will avoid angering or upsetting your spouse while still getting what's rightfully yours!

- Keep copies of important documents in case you need them later on, like receipts for gifts or emails that show an infidelity.

- Create backups of all the photos and videos stored online so they aren't lost forever if something happens to your devices. You also need to make sure you have copies of important financial files like bank statements, tax returns and property titles.

When it comes to divorce and property settlement it is recommended that you seek legal advice in order to protect your financial resources.

How are assets divided in a separation?

When it comes time to work out a fair property division, there are a few things that are taken into account.

These can include direct financial contributions, indirect financial contributions & non financial contributions.

Your resources and liabilities are then consolidated into an asset pool which could include:

  • The family home and other real estate or property owned

  • Bank accounts

  • Your superannuation fund

  • Other assets and investments

  • Any debts that are owed

  • Legal costs

The value of the pool is then divided, often using a formula which takes into account each person's percentage share in the pool. This could result in one person getting the family home and another receiving money from the sale of other assets. It's important to get legal advice so you know exactly what to expect.

Other considerations of the family law courts when deciding a proposed property settlement could be:

  • Financial Position

  • Children involved

  • Retirement age

  • Any formal written agreements such as prenuptial agreements.

What should you not do during separation?

It's important to remember that during a separation you should avoid any action which may harm your ex-spouse or damage their property.

For example, if you are concerned that your spouse might take something of yours when they leave then it's best to put the item in a safe place or change the locks on your home.

You should also avoid any type of verbal or physical abuse - this will only make things worse and could lead to legal issues.

When it comes to divorce, everyone's situation is different and it can be a long and difficult process. This means that you need to be as prepared as possible and take the necessary steps to protect yourself and your assets. By following the tips in this article, you can make sure that you get what's rightfully yours and move on with your life.

Is my partner entitled to half my assets?

No, there are a number of factors that will determine what your former spouse is entitled to and how much.

For example:

The length of the marriage - if you have been married for short period of time then your assets will be divided equally, but this may not always happen.

The contribution of each spouse - direct financial contributions, indirect financial contributions & non-financial contributions will all be taken into account.

Any violence or abuse that may have been involved during the relationship - this could influence how assets are divided.

The income and earning capacity of each spouse - this is one of the most important factors in a property settlement.

Common questions asked about property settlements after separation

Does a de facto relationship still require division of assets?

Yes, even in a de facto relationship there is still an expectation that property will be divided.

Can I receive half my spouse's superannuation?

Splitting superannuation will depend on a number of factors, including the length of the relationship and each person's contribution to the fund.

How long does a property settlement take?

The time frame for a property settlement will vary depending on your needs and the complexity of your case.

Is there a minimum time that a relationship needs to have been going for in order to apply for a property settlement?

Yes, you will need to have been married or in a de facto relationship for at least two years before you can apply for a property settlement.

If I leave the family home, does my spouse automatically get it?

No, if you leave the family home then your spouse may not automatically get it. It will depend on a number of factors, including which spouse contributed more to the home and whether or not you have children.

Can I be forced to sell the family home?

Yes, if you and your spouse cannot agree on how to divide the home then one person can apply for an order from a court which forces the sale of the property.

For more information or legal advice, please contact a family law specialist.

When should I seek legal advice in relation to a property settlement?

It is important to seek legal advice as soon as possible if you are considering a property settlement. This will allow you enough time to gather the necessary information and make an informed decision.

If you would like to discuss your specific situation with a family law specialist, please don't hesitate to contact us.


Post: Blog2_Post
bottom of page