This there were half as many divorce as there were marriages. Of the marriages, more than one third involved a remarriage for one or both partners. While relationship seems to be out of fashion, chances are that the statistics to get de facto relationships are as bleak.

Under present law, if a relationship has held up for at least three years, the 2 main major parties have equal liberties to the property unless they have previously entered into a contracting out agreement for the division of property.

Deciding which assets to keep and sell and how to break up the retained assets requires careful consideration. Living costs are higher after a separation, thus before you commit to taking on the family home and mortgage, prepare a new budget.

There will also be penalties associated with early fulfillment of debt (eg mortgages and personal loans). After you have agreed who will own of which assets, make sure the possession transfers for your major assets are completed properly by notifying the relevant experts or in writing.

To avoid quarrels about dividing bank account income, you should keep an accurate listing of all financial transactions after the separation date and right up until a settlement is agreed. If you take a cash payment from your partner as part of your settlement, indicated into a short term deposit since you consider your options.

Gifts, personal items such as jewellery or clothes, and inheritances that have not really been mingled with several other property should not be included within your list as these are certainly not usually considered to be relationship asset. For some assets, such as your home or business or wonderful items such as artwork and also antique furniture you may need to pay out an independent expert to provide a good valuation.

Separation and divorce will be traumatic and highly emotional events but somehow, realistic issues such as what happens with the kids, the house and the money need to be sorted out. In case you in the process of separating or contemplating separation there are some actions you can take that will make sorting out your financial affairs a lot quicker.

While it may very well be good for the children to stay in all the family home, it may be unaffordable. Do not in a rush to cash ” up ” insurance policies or investments without checking on how much you will get rid of excess by way of accumulated bonuses or simply withdrawal fees.

Similarly, your debts should be appraised in terms of the current balance departed to pay. Your list will include the value of insurance policies, opportunities, superannuation schemes and businesses owned as well as your house and contents, vehicles and loan provider accounts.

The starting point is to make a list of everything you own and everything you owe as for the date of separation. Your assets should be valued for what they are worth in the date of separation, not what they were purchased for.

Joint bank accounts and credit cards can be a source of trouble, particularly if the split is acrimonious. Generally, if your bank is made aware of the separation, it will freeze joint accounts until a great agreement is reached. This will prevent one partner as well absconding with the bank account proceeds or running up enormous credit card debts.

It is better to make good decisions regarding your money when some time comes with elapsed and emotions have settled. Depending on the complexity of the affairs it can take several months or even years to reach a final deal of your financial affairs, especially if one party is unco-operative. Don’t forget to update your definitely will as a separation or divorce does not override its contents.

For some people, heading to a new relationship might be the first thing on their minds, for some it is the last thing. Whatever the case, find some legal advice on how to best protect your now halved assets in future romantic relationships, otherwise you may find them getting halved again!