5 Tips for Divorce and Splitting Assets

Divorce and Splitting Assets

When you decide to end your relationship with your partner, there are various things you’ll need to consider, including divorce and splitting assets.

Splitting assets during a separation/divorce can be a complex process. Not only does it require you to talk things through with your soon-to-be-ex-partner at a time when emotions are running high, but it also pushes you to come to terms with the fact that your lifestyle is about to undergo a significant change.

Despite the complexities involved in divorce and splitting assets, it’s a much better idea to decide who gets what with your partner before things become less than amicable and you potentially end up in court. If you can’t agree between yourselves, then the courts will decide for you, which makes it even less likely that everyone will end up happy.

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Here are 5 tips to help.

1. Keep Your Emotions at Bay

Though it may be easier said than done, the best thing you can do is leave your emotions at the door when you’re discussing asset distribution with your soon-to-be ex-spouse. This isn’t the time to talk about why the relationship fell apart. A few ways you can help keep your feelings in check include:

  • Creating a list of things that you don’t want to compromise on, and things you’re happy to hand over to your ex-partner. This will help you to focus during the conversation.
  • Putting a deadline on the discussion. Allowing the conversation to go on for too long increases the chances that you’ll touch on sensitive topics which will derail meaningful progress.
  • Resolving to meet with a friend or support network afterward where you can vent your frustrations or emotions in a safe environment, and out of earshot of your soon-to-be-ex-spouse.

2. Divorce and Splitting Assets

As hard as it can be to split your life into halves, it’s a good idea to come to an agreement if you can. An agreement can be made into consent orders which helps you to avoid paying for expensive lawyers and spending too much time in front of judges in a court.

To save everyone time, make sure that you go into your discussion with your ex-spouse ready to compromise on at least some things. Remember, the aim should be to find an agreement you both can live with.

3. Know When to Put the Conversation on Hold

There’s a good chance that some sticky issues will arise during the discussion of how property should be divided. Getting into a heated argument about what should go where probably won’t make the situation any better. If things start to get a little out of hand, agree to put the conversation on hold and either meet again with your spouse or continue the discussion later when you’ve both cooled down.

For particularly tense issues, it may be worth hiring a mediator to help you safely talk through the most sensitive subjects. Even a mutual friend can act as a go-between where any issue looks like derailing your discussions. Remember – give it your best shot now because chances are it will not get any easier.

4. Know the Basics

It’s a good idea to do some research into what the Australian courts will class as marital and non-marital assets before you enter a discussion about how those assets are to be distributed. There is no point arguing about an asset that was never going to be divided in the first place.

Do your research and make some notes that you can bring with you to your discussion with your soon-to-be-ex-partner. This will help to keep arguments to a minimum.

5. Be Patient

The details of your divorce might not be ironed out immediately or within a single day. These conversations can take time, but if you approach them with the right attitude, and you treat them (and your soon-to-be-ex-partner) with respect you should be able to reach an agreement.

The bottom line is to remember that no matter how you feel about your ex, it’s in your best interest to work together on splitting assets. Don’t fight over the small stuff and be prepared to take a breather when necessary. You’ll get there in the end, and remember, we simplify the divorce/separation process by making it as pain-free as possible in the absence of expensive family lawyers.

Get started on your divorce and splitting assets journey today with Split Easy. Call us directly on 1300 545 233. Or use our free asset division checklist

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