The decision to separate from your partner isn’t an easy one and can lead to a variety of unexpected, often painful experiences and outcomes.
Some separated couples find that a few months apart was all they needed to gain the clarity to move forward in their relationship. Others learn that the split was long overdue and that they enjoy a new chapter of freedom in their lives that they want to continue to discover.
If your experience with separation has left you planning for a divorce, then you’ll need to be aware that some work needs to be done before you receive the final divorce order from the court. One of the most significant challenges that couples face is coming to terms with the concept of an asset split, to ensure there is an equitable division of belongings at the end of a relationship.Get Started With Split Easy
Understanding the Asset Split for Divorce in Australia
Divorce and the splitting of assets are two things that often go hand-in-hand at the end of a relationship.
When you decide that your marriage can no longer survive, you need to determine what’s going to happen to the things that you have accumulated during your time with your soon-to-be-ex partner. While a lot of people assume that they’ll split what they jointly own down the middle, that’s not always the fairest solution.
Unfortunately, even the most amicable couples won’t always share the same ideas of what is fair and equitable during a divorce. Because of this, it’s helpful to start your journey, having done a little homework.
According to Australian law, the courts determine how to split assets by:
- Identifying the value of the property owned by both parties
- Addressing the material contributions made by both parties to the family and household
- Identifying the needs of both parties following the divorce
- Determining the just and equitable division of assets
Splitting Material Assets: How to Get Started
Step 1: Start with Goals
It’s often much more straightforward to ensure that your divorce moves in the right direction when both you and your partner are clear on what matters.
When you both know what you want to accomplish by the end of the equitable distribution of assets, and you each understand why certain things matter to the other party, a great deal of conflict can be avoided. After all, it’s easy to get caught up in unnecessary arguments where people fight tooth-and-nail for items that they don’t want or need.
Think about your future and make a list of the things that are most important to you. This exercise helps to guide you when you’re deciding at what point to hold your ground, and when you need to compromise.
Step 2: Understand Your Shared Property Pool
Next, make sure that you know what constitute’s the shared property pool.
The shared property pool is everything that you and your partner have purchased together and accumulated during the lifetime of the relationship.
Every couple has a different pool. For instance, you may have discussed the items that are unequivocally considered yours during your separation period, so these items won’t need to be in contention. Another important factor is to make sure that you know the value of each item, from superannuation to family homes and music collections for example.
Once the shared property pool has been determined, you can move on to more in-depth discussions about the non-tangible contributions made to the relationship, as well as the needs of each individual going forward. Below is a free asset checklist of all the things you need to collate before continuing with the process.
Step 3: Avoid Stalemates
The quickest way to end up with a stalemate when it comes to divorce and splitting assets, to begin with, a position that you’re determined to defend until the bitter end.
Although it’s important to know what’s valuable to you when making decisions about your marital assets, you also need to remain flexible to facilitate the process. Be open to differing points of view and allow yourself to compromise.
Keeping an open mind helps you and your partner agree on terms that you can both live with, and also leads to the achievement of the final resolution a lot faster.
Step 4: Know the Value of Self-Determination
When splitting material assets in a divorce, self-determination ensures that you don’t inadvertently have someone else’s opinions imposed on you.
In the world of divorce, it’s easy to end up having the opinions of friends and family members imposed on you and your partner when you both can’t reach an agreement.
However, with a tool like SplitEasy, you can preserve the right to maintain control over the process of splitting assets and liabilities and the living/financial arrangements, if children are involved. This will allow you and your ex-partner to mutually and amicably come to an agreement so you can both move forward with your lives.
Step 5: Put Time Aside
In the case of separation and divorce, it’s easy for the status quo to remain.
Sometimes, it seems like nothing is happening over time, giving you the dreaded feeling of being stuck. That’s often the case if you and your partner aren’t communicating and actively working towards achieving your individual goal of a divorce.
The only way to ensure that you both reach your preferred outcomes is to take the time to work on the tasks involved to obtain a divorce. Put aside days or hours in the week for your divorce process and ensure that you both stick to your schedules to achieve a quick resolution.
Step 6: Consider Getting Professional Advice
You don’t have to spend all your money on expensive family lawyers to seek separation and divorce advice. There are plenty of professionals out there who can offer some basic legal advice to support your divorce strategy and speed up the process.
Finding someone you can rely on to answer any questions you might have, will save you a lot of time and money. Split Easy can provide advice, making the process simple by filling out an online form on the Split Easy website. Our method can help you to feel more confident in your choices going forward.
Step 7: Listen
A divorce lawyer isn’t the only person that’s worth listening to when it comes to the divorce process and splitting of assets.
Sometimes, it’s worth listening to the needs, goals and fears of your ex-partner. If you can understand why certain things matter to your ex, and why it’s so crucial for them to have certain assets, then you might be less likely to get involved in petty disagreements.
Mutual understanding can go a long way towards speeding up the divorce process and eliminating unnecessarily painful moments.
Step 8: Focus on the Future
Remember, when discussing a divorce asset split, your focus needs to be on the future, and not on the past. As easy as it can be to shift the focus back to your shared history, that generally won’t help you to get anywhere in a hurry.
Instead, try to forget about past issues that are making it impossible for you both to find a compromise. Concentrate on what’s going to deliver the best results for the future of both you and your ex-partner.
Step 9: Explore All Your Options
Finally, remember that there are various options available to couples who want to move on from the separation period to the finalisation of a divorce.
You don’t have to rely on a family lawyer to do all the work for you.
If you want to save money and maintain more control over the decisions about both you and your ex-partners futures, then you can use the SplitEasy process to divide your assets and come to terms with your partner quickly, and effectively.
SplitEasy makes it easy to decide what you need out of your divorce and enables you to pursue your best interests.
Ready to Move Forward?
After your separation, the right guidance and plan for how you’re going to split your assets, will undoubtedly make the process more straightforward, so visit SplitEasy today to find out more and we can you started.Get Started With Split Easy