When going through a separation, you may need to determine some of the financial matters and how they should be finalized. Sometimes the decision can be cordial and the division of both parties assets can be done quickly and smoothly. Other times, the separation can be difficult and the parties may not agree on how the assets should be split.
When there is an agreement made of what is to be divided, parties typically enter into a binding agreement or obtain consent orders. It is best to legally enter into so sort of an agreement so later on, there is no way a party can claim assets.
You may think you deserve more than what your partner is offering in the division of assets or you might want to learn what your entitlements are. “Fairness” of the division of assets may come as a surprise to the parties involved. Certain claims made, may not be how the court divides them.
Seeking legal help to help you to determine what the Court’s outcome may reflect and gives the party a better understanding of what taking their claims to court may look like. Sometimes determining this with a legal advisor, partners can avoid going to court over these issues. Australia has specific criteria of how the party’s claims will be determined.
Identifying the Value of Asset Pool
The pool will include all of the assets the partners own. Whether it is real estate, businesses, vehicles, jewelry, or currency it will be grouped in the assets pool when it is time to start dividing the assets. Though nothing may be in a party’s name, it does not mean they do not have a claim to certain assets. In the end, everything must be split on a percentage basis and it does not matter which partner’s name is on the assets.
For more information, keep up with the following parts of my Property Settlements with No Agreements series!
**This article is for informational purposes only and is not intended to be legal advice. In relation to your individual situation, always seek advice specific to your circumstances from a lawyer.