If the divorcing couple owns property or other significant assets together, it can be difficult to know what to do in this situation. Whether you divide your assets before or during the divorce, splitting assets is a separate process. You may be able to come to an amicable agreement, determine your entitlements through the Federal Circuit and Family Court or mediate fair arrangements through family mediation services.
The Melbourne divorce lawyers at Melbourne Law Studio can help guide you through the process of splitting assets fairly. Below we look at some key considerations.
Using a Property Agreement
A property agreement is a document that outlines how finances, property and other assets from a marriage will be divided. This usually involves the couple coming to an agreement on how to divide their assets between them when preparing for a divorce to ensure both parties receive a fair outcome and can move on with their lives.
Property agreements will usually extend beyond real estate to all assets in the relationship such as cars, businesses, shares, trusts, interest, superannuation, investment portfolios, bank accounts and other valuable possessions.
Essential Considerations When Splitting Assets
When getting a divorce, splitting assets should be done with consideration for both the financial and non-financial contributions of each person. This means ensuring intangible contributions such as parenting, and housework are fairly balanced against tangible contributions such as income and assets.
It is also important to determine future needs. For example, who will be looking after children more? What is each party’s earning capacity and access to financial resources now and in the future?
Getting Legal Assistance to Resolve Disputes
If you’re unable to negotiate the division of assets in divorce together, the next best step is to reach out to an experienced lawyer for family mediation services. Even if you have negotiated an amicable agreement, it is mandatory that you get a lawyer to review all of the details before a consent order or financial agreement becomes binding and legally enforceable.
Contact Our Melbourne Divorce Lawyers for Advice
Do you still have questions about the division of assets in divorce? Our Melbourne divorce lawyers can help. Book your free 15-minute consultation today with Melbourne Law Studio to find out more or call us on 03 9021 1421. You can also contact us online.