When partners separate, the immediate financial questions tend to be:-
- Who is living where
- Who is paying the mortgage and/or rent
- Who will pay the bills
- Who has taken what possessions
- Who has access to the bank accounts
- Who has what income
Property and financial issues which need to be addressed urgently might include finding new and affordable accommodation quickly and the necessary set up costs this involves, securing income if not already in paid employment, opening new bank accounts, closing joint accounts or ensuring they require two signatures for withdrawals so that funds don’t go missing, and closing off any redraw facilities on home loans.
It is difficult when the costs of living stay the same but your financial situation is half what it was. Or perhaps for you money is not the problem, but making sure assets don’t suddenly disappear is. Alternatively, you might both have reached agreement to divide everything fairly and equitably according to the law and seek only to have that agreement documented properly to achieve a final and binding resolution.
There are many complex property and financial issues to resolve following separation and we would be very happy to help you through the maze.
For most couples, property matters can be resolved by negotiation and the drafting of an agreement in the form of Consent Orders or a Binding Financial Agreement. For some though, the issues are too great and making an application to Court is warranted. Often this is forms a trigger for negotiation and bringing the parties together. Many times an agreement is reached by the parties on the first return day at Court. With the right advice and good counsel, you’d be surprised what can be achieved.
It need not be World War III. We’d actually prefer it wasn’t. At Alphastream we’re not interested in creating extra drama - we just want to achieve the best possible result for you and your family.
TIP: At separation, you need to get a full picture of your financial situation - and fast - if you don’t already understand it. The key to a property settlement is knowing exactly what property/liabilities you both have. It doesn’t matter in whose name the property/liability is in. Take photos on your smartphone or tablet of all documents if you don’t have access to a photocopier.
Contact us by phone or email. We’d be happy to listen and help you find the right solution for you.
