You or your partner has communicated that they wish the marriage or relationship to be over – so what now?
Once you or your partner advise the other that they wish to separate, take the following steps:
1 If possible – sit down and talk to your partner, and confirm any agreements via email.
2 If it is possible, do one or both of you want to remain in the family home?
3 Separation – the date of separation is relevant for a future application for divorce and determining the assets/liabilities in existence at the date of separation. Therefore, you can both agree on your separation date when you separate (the date you both consider your marriage or de facto relationship to be over), or you can confirm the date of separation in writing to your partner (communication by one partner is sufficient if only one person wants the marriage or relationship to end).
4 Are you both wanting to move forward and financially separate?
5 Do you both feel confident to determine your assets & liabilities and agree a split, or do you want some assistance to do this?
6 Are you both prepared to work together or with a third party to determine your assets & liabilities and agree a split?
7 Do you both wish to keep finances joint (as they are most likely intertwined and will take some time to separate), or immediately separate finances and decide any child support arrangements.
8 Does the family home need to be sold or can you afford for one person to buy the other out of the family home? If you are considering one party buying the other out, have you approached the bank to determine if they would lend you sufficient funds to take over the mortgage on your own?
9 Are you both prepared to work towards determining how the care and costs of your children are to be shared?
10 It is possible to “split” either party’s superannuation entitlement on marital breakdown, but superannuation needs to stay in the superannuation environment, so it can be transferred between spouses but cannot be taken out of the superannuation environment by one party as cash (unless they are over 65 or have met a condition or release).
Divide can help you with some or all of the steps above, simply and quickly.
Divide – Simple Financial Separation (“Divide”) does not provide legal advice, we are Chartered Accountants.
This is general information only and does not constitute advice which may be relied upon.
Please contact Divide on 07 3367 5380 or via email at moveon@div-ide.com.au to discuss your specific situation.
