If you are considering separation, or have just separated, I
have summarised, in no particular order, the 8 most important
things you can do to ensure the best outcome when it comes to
division of your assets and liabilities with your former
Below is a summary, but take the time to read the full checklist
and explanations here.
Understand the Emotional Journey
Often in relationships, one party has "checked out"
emotionally months, or sometimes years, before the other party even
realises that there is a problem. Separated Partners can feel very
We encourage our clients to lean on their natural support
systems in these times for strength and encouragement.
Communicate with your former Partner
Use your best endeavours to maintain respectful and positive
communications with your former partner about the financial
Come up with a draft proposal
Don't be afraid to come up with some preliminary proposal
with your former partner. You can't commit yourself by any such
discussion as it is unenforceable until you've gone through it
with your lawyer and it is approved by the Court.
Prepare a list of all the assets and liabilities (including
superannuation) held by you and your former partner at the time you
commenced living together. Include their values at that time.
Prepare a balance sheet listing all the major assets and
liabilities (including superannuation) currently owned by you and
your former partner, and include your estimate of the value of each
Don't Take Legal Advice from your Former
Usually, your former partner will not be giving you advice with
your best interests in mind. Notwithstanding how obvious that may
seem, It is surprising how many people I see who are worried by
what their former partner has told them about their
Take Legal Advice from an experienced Family Court
A good Family lawyer will guide you through the complexities of
what, for most people, is a novel and unknown journey. That Family
lawyer can explain the process and your entitlements.
Alternate Dispute Resolution
Consider other methods of resolving the dispute such as
mediation, arbitration or informal settlement discussions through
Understand that resolutions are only ever reached where two
people compromise their respective claims So be prepared to
If you are doing a Will, or you are the executor of a deceased estate, consider what taxes and duties could be payable.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).