Spitting Your Assets After a Divorce or Separation
Divorce or separation is a traumatic and stressful life event and the emotional impact alone can overshadow everything. One of the first conversations couples generally have is how divide assets to ensure a beneficial split for both parties.
There is a common misconception that divorce or separation needs to be extremely costly, but this isn’t necessarily the case. In Australia, if both partners can come to a mutual agreement regarding childcare, living arrangements and financial division, the costs are minimal.
To help with this process, Split Easy has created an online platform that produces legally binding documents to submit to court, without the stress of lawyers.Get Started With Split Easy
Starting the process
When applying for a divorce you need to lodge an ‘Application for Consent’ with the Family Court. You can do this on your own or with your ex-partner, without engaging a lawyer. The court will look at your proposal to ensure it is fair and in support of both parties. In particular, making sure it considers the emotional and financial well-being of any children.
Split Easy helps you to navigate the minefield of financial asset and liability division and joint arrangements for children. The platform allows you to create legal bindings documents that will be approved by the courts, without the expense of lawyers, or repeat court sessions.
The cost of lawyers starts anywhere from $15,000 – $30,000 per spouse and cases that go to court can be upwards of $80,000. Split Easy offers advice and guidance on partnership contributions, superannuation and division of assets.Get Started With Split Easy
Australia considers all contributions made by both parties throughout the partnership. This includes financial contributions, non-financial contributions and contributions made as a homemaker or parent.
Superannuation can be split. However the money cannot be used to make any financial purchases.
Current financial assets
Valuing the joint net asset pool is one of the biggest tasks that couples need to undertake before moving on with a divorce application. It’s preferable to arrange the financial split and application quickly. Couples that wait to split their finances may find the value of assets has changed. As a result, this may not reflect an accurate representation joint assets achieved throughout their partnership.
The Split Easy process is very clear. Work through the online platform to disclose information about your relationship, health, initial financial contributions, assets, liabilities, earning capacity and parental contributions.
The information entered will provide a percentage spilt for what is fair and equitable between both parties. Once agreement on assets, liabilities and/or financial arrangements for children have been made, an ‘Application for Consent’ is generated and ready to submit to the Family Court.
Where to go from here
Take some of the stress and cost out of divorce and check out the platform free of charge.Get Started With Split Easy