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Financial Separation Services
Simple financial separation, the first steps.
Divide offers a way to complete a simple financial separation in Australia. We believe the financial settlement process is primarily a financial and administrative process and it only becomes a legal process if one of the parties wants it to be. We are Chartered Accountants and are not restricted to acting for one party, but rather provide support to both parties to allow you to reach your own agreement.
The Divide Difference
- We are not lawyers – we do not offer legal advice
- We focus on outcomes – minimise the cost to maximise funds to be split
- We are better suited to assist you with your financial separation in Australia
- We do not act for only one party – we provide financial and administrative support to both parties to allow them to reach their own agreement
- We believe dividing your assets does not need to be expensive
- We act as a cost effective intermediary if you do not want to be in direct contact with each other to divide
Our approach means Divide can reduce the cost – both financial and emotional – at this time and help you both move on with your new life.
1. Financial Separation
The Divide Process
Stage 1
- Both parties provide proof of identity
- Both parties sign engagement letter
- Provide pragmatic financial advice to assist both parties
- Collect financial and other information
Stage 2
- Detail assets and liabilities of each party
- Detail any other factors for consideration
- Consideration of future needs and earning capacity of each party
- Impact of children [if any]
- Agree % split
- Agree asset and liability split
Stage 3
- We will act as your agent and engage with a solicitor to prepare any documentation, if required
- Both parties sign
- Arrange for Lodgement with the Federal Circuit and Family Court of Australia
Stage 4
- Reviewed by a Registrar of the Federal Circuit and Family Court of Australia
- Approved by Federal Circuit and Family Court of Australia (or further information required)
- Practical matters to be completed post settlement.
2. Support for Lawyers, Mediators and Accountants
Support for Lawyers and Mediators
Family Law professionals, Mediators and Divorce Coaches can call on Divide, as qualified accountants, to provide the following types of services for their clients:
- Determining the tax impact of financial settlements
- Determining future potential tax liabilities resulting from financial settlements
- Pragmatic general financial advice for parties who have separated to preserve asset pool for the ultimate benefit of both parties
- Where a business is involved:
- Desktop valuations [to give an idea of business value]
- Review of business financials to ensure financials are accurate [these figures are typically used for independent valuations, and taken as read, which lead to incorrect valuations]
- Review of expert business valuations to ensure conclusions reached are sound
- Deconstruct complex structures to highlight where relevant value exists for financial settlements – and where it does not exist
- Provide easy to understand financial and tax summaries/interpretations for lawyers and barristers to grasp the salient financial points in an efficient manner
- Where bank loans are required to facilitate financial settlements, assist with this to help understand what the loan limits/boundaries are to facilitate the settlement process.
Support for Accountants and Accounting Firms
If you have clients who are divorcing and you also want to help them preserve their combined wealth, or are unable to work for both parties due to a conflict of interest, then we are happy to sign non-disclosure and non-compete agreements with you.
It’s worthwhile to share with your clients that court appointed accounting experts are typically from larger firms and are expensive and have a specific scope that they are requested by the court to form an opinion on.
Our focus is on outcomes, not making the separation/divorce process go on forever.