When people separate they usually need to decide how to divide their property (assets) and debts (liabilities). For most this can be a daunting and emotional task coupled with the separation itself. There is no set formula in family law as to how your assets and liabilities are shared between you but rather will depend on your individual family circumstances.
It is helpful to prepare a list of the assets and liabilities at the time of separation, by working out what you have, what you owe and what they are worth. This is likely to involve a valuation of the family home. Assets and Liabilities can be in joint names, in your sole name or in the name of a company.
Assets can include:
- The family home
- Investment property
- Cars, motor bikes, boats
- Household items such as furniture and jewellery
Liabilities can include:
- The mortgage on the family home
- Credit card balances
- Loans and personal debt
Reaching an agreement through Collaborative practice has many advantages. It saves both parties time and money and you make your own decisions. This is turn has a positive effect on continuing parenting and communication between both separating parties.
We have an online service via our website that can help you create your own asset list.
At Bayside Collaborative we will listen carefully to your needs and goals. We will assist you in achieving an agreement and then formalising the agreement either by way of a consent order or financial agreement.
Please visit our website www.baysidecollaborative.com.au to find out more.