FACT SHEET: The Divide Difference

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We understand it’s not easy.
We help you begin again. Simply.

Relationship breakdowns usually end with a financial settlement. The power is in your hands as to how you get there and how much the process will cost you both.

Separation and divorce takes time to recover from and can be emotionally draining. The financial separation process does not have to be the same.

As Chartered Accountants, we believe the financial settlement process is one we are best suited to support you through, as it is primarily a financial and administrative process.

We make the process simple by helping you understand and agree on both your current and post-separation financial positions. If you are parents it is important to understand how you will provide and afford to care for a child/children of the relationship.

There are many myths surrounding divorce and financial separation in Australia. For example, you do not have to engage a lawyer for these matters. You can lodge the required forms with the Family Court of Australia.

We have helped and empowered many clever couples who see the benefit of not having their shared wealth disappear in expensive, ongoing and unnecessary legal fees.

This approach means Divide can reduce the cost – both financial and emotional – at this time and help you both move on with your new life.

Simple financial separation, the first steps.

The main areas Divide can help you work through are Property, Finance and how to provide as parents.

The Family Law Act 1975 has established a no-fault divorce principle – this means that the court does not consider which partner is at fault in the relationship breakdown. Neither do we. All of this may be resolved without the need to engage lawyers.

The only grounds for divorce is the irretrievable breakdown of the relationship, shown by 12 months of separation. Your financial separation process can commence immediately after separation, if it suits you both.

Divide is suitable for you if:

you want to minimise the cost in order to maximise the funds to be split,
you have not been involved with finances and are unsure where to start,
you need guidance and a structured step by step approach,
you are working towards agreement on parenting and custody issues,
you are prepared to work together to reach an agreement.

If this does not describe your situation, Divide is still a cost effective way to gather all of the required information others will require to fight it out on your behalf.

We are not lawyers and we will not give you legal advice. However, at Divide we are real people and, as accountants, we are experienced in explaining financial matters in line with all levels of financial experience. Don’t feel uneasy if you don’t understand your financial situation – we can help you.

Your options.

Many people think they have no options at this difficult time other than seeking legal advice. That is where the Divide approach differs.

If both parties want to move forward with their lives in a cost effective manner, we provide a range of support options – from minimal support to full support. The choice is yours.

Our options can include:

A DIY approach – with a process provided by Divide
A Divide supported approach – where we actively manage you through the process
If you get stuck, we can introduce mediators to the process
Selective use of lawyers – if either party wants to obtain independent legal advice we can facilitate that for you

So we are clear – we are not lawyers. We do not offer legal advice. We focus on outcomes.

Close but stuck?

If there are some matters which cannot be resolved after going through the Divide process, we have cost effective options available for you, for example the introduction of recommended independent mediators.

All the information gathered during the Divide process will be critical for the mediator. The Divide approach is more cost effective than using two separate legal teams to source and collate the same information.

Together, you are in control of the process. At any time either party has the right to engage independent lawyers if they desire. We can assist with recommended lawyers who share our pragmatic approach. The information collated by Divide will be available to all parties.

The rest of your life begins now.

What are you waiting for?

We will empower you to move on. Streamlining the process will reduce the cost to you, so we suggest you start to compile the following information:

Identify your assets (what you own)
Identify your liabilities (who you owe money to)
Detail your income and any other relevant information
Advise if there are children of the relationship
Prepare a folder with important documents and start to collect the above details. We can accept hard copy documents or scanned documents.

It is important to note the assets divided are those assets which exist on the date of separation, but the value used is the value at the date of financial separation. Therefore, it is wise to preserve your assets and minimise your liabilities to others until you complete your financial separation.

Once engaged, a full checklist of details required will be provided, together with a pragmatic list of actions to preserve the assets.