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
- Savings
- Investments
- Investment property
- Shares
- Cars, motor bikes, boats
- Inheritance
- Household items such as furniture and jewellery
- Superannuation
- Companies
- Income
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.
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