Dividing Assets after Separation

Are you ever prepared for dividing assets after separation?

While we may dream of a life of marital and domestic bliss, things don’t always go according to plan.

Separation and divorce are facts of life. In fact, ABS data shows that in 2021 there was one divorce for every 1.6 marriages. So, if you are considering separation – firstly, please know that you’re not alone!

It can be a difficult time, both emotionally and legally, with many critical things to navigate – such as the division of assets. However, with some careful research and planning – along with an experienced family lawyer in your corner – you can navigate this troubled time successfully.

Finding a Lawyer

Family law is a complex area that encompasses parenting matters, property settlement, domestic violence, dispute resolution and litigation, surrogacy, binding financial agreements, prenups, and more.

Many people have never had to deal with a lawyer until they separate, so it can be a nerve-wracking experience. By choosing a family lawyer experienced in separation and divorce, based on recommendations and reviews, you can have peace of mind that you are in good hands.

Thinking About Separating? Take these First Steps

1. As soon as you decide to separate, speak to a lawyer specialising in separation and divorce issues. They’ll guide you, offer sound advice, and help you understand the process.
2. Seek support from family, friends, or a mental health professional as needed to help you deal with your emotions.
3. If you are a parent, it’s mandatory under Australian family law for you to attempt Family Dispute Resolution before applying for parenting orders (this is not the case for couples).
4. Work with your ex-partner to reach an agreement about finances, property, and parenting. The ideal scenario would be to negotiate a settlement, rather than have to go to court – which is an expensive and time-consuming endeavour. It’s important to formally finalise these agreements to prevent future claims or misunderstanding.

The 4 Step Process to Determine Division of Assets After Separation

When it comes to dividing your assets, the steps involved are:

Identify and value your assets, liabilities, and resources

List and evaluate all assets, liabilities, and resources held by both parties. This includes properties, investments, savings, vehicles, businesses, superannuation, debts, and any other financial holdings. You may need valuation experts to help determine the precise value of certain assets – especially if there are disagreements or complex financial structures involved.

Consider the contributions of the parties made through the relationship

Consider financial contributions such as income, inheritance, or property acquisition, along with non-financial contributions like caregiving, homemaking, and support for a partner’s career advancement. The duration of the relationship and the roles each party played in maintaining the household and raising children are also taken into account.

The goal here is to recognise and fairly attribute the efforts and sacrifices made by each party during the course of the relationship.

Consider the future needs of each party

When it comes to assessing future needs, factors such as age, health, earning capacity, childcare responsibilities, and financial resources are considered. For instance, a spouse with limited earning potential or health issues may require additional financial support to maintain a reasonable standard of living.

Similarly, arrangements concerning the care of children, including their educational and healthcare needs, are factored into the decision-making process. The aim is to achieve a balance that enables both parties to move forward with financial stability and independence.

Determine whether the proposed settlement is just and equitable

The court then examines whether the division of assets is fair and reasonable in light of all the circumstances surrounding the separation. This includes assessing the financial and non-financial contributions of each party, their future needs, the welfare of any children involved, and any other relevant factors.

If the proposed settlement aligns with these principles, it is deemed just and equitable, providing closure to the asset division process.

Dividing assets after separation can be a tricky process. However, seeking professional legal advice and engaging in open communication can help facilitate smoother negotiations and ultimately lead to being able to close this chapter of your life for good so you can get on with the next.

This is the blog post

“When we feel stuck, going nowhere — even starting to slip backward —

we may actually be backing up to get a running start.”
— Dan Millman

This is the blog post I’ve been thinking about writing for the last 6 months. It’s been playing on my mind so much during this time and every time I go to write it, I receive words of encouragement or great comments about a recipe I posted or words I’ve written. It’s time to have a break from the blog.

I could say its because not a day’s gone by when I don’t grieve for the loss of my mother. Her birthday is coming up on the 12th of October and I think of nothing else.

I could say its because not a day’s gone by when I don’t grieve for the loss of my marriage. After 40 odd years of wishing to be married with children and have it gone is very hard to deal with. Its time to start making new dreams.

I could say its because I put myself under so much pressure with blogging and social media. I sometimes forget how to live a ‘real life’. A life where I don’t want to have to think about whether someone wants to see the cup of coffee I ordered in a coffee shop or hear about the stew I made for dinner or the crazy things my kids have been up to. Worrying about whether or not I’ve shared everything I do on social media consumes me some days. I’ve realised there are millions of people out in the world who don’t have a Facebook, Twitter or Instagram account. I’m going to be one of them again.

I could say its because I’m seeing my kid’s lives flash before my eyes and I feel like I’m not enjoying every precious moment with them or being there for them.

I could say its because I’ve got two birthdays coming up in November and Christmas without Mum or a husband.

I could say its because of the legal stuff that’s coming up from the marriage break down and Mum’s estate.

I could say its because of wanting to get my house decorated and my garden in tip top condition.

I could say its because of the 1,000 lessons I need to teach my children to help them be good and capalable citizens of the world.

I could say its because in order to keep receiving the small amount of money the Australian government gives single parents, I have to either work or study for at least 15 hours per week when my youngest child turns 6 (which is November). What does a 48 year old Mum, who thought her days of outside work were over, do? I’m going to find out.

I could say its because of the state of my mental health. Instead of getting better I sometimes feel like I’m worse and all the ‘stuff’ I have mentioned above is not allowing me to heal. The panic attack I had on Friday night was my wake up call.

I figured this is the last day of the month. Tomorrow is the 1st. The first of a new way of life for me.

To all the friends I’ve made along the way, I couldn’t have nor wouldn’t have done this without you. You are all so close to me and I will continue to stay in touch with you via your blogs. Just because I’m not blogging doesn’t mean that I won’t stop reading them. That’s how I got started. I love to read blogs and those regulars I read, your friendship means the world to me. The only other social media platform I’ll continue to use is Pinterest. That’s where I’ve stored all my favourite projects I intend on starting.

I’m giving myself at least 6 months to get my life in order, my dreams created, my physical and mental health back and my precious, sweet children my 100% devotion.

Thank you and all my love to you. xx