So, you have told your partner that you want to separate… Now what?
We understand that going through any kind of separation can be very difficult and cause a great deal of emotional stress and financial strain to all parties involved.
We want to advise of a practical and simple process that can help reduce the emotional toll that separation and dealing with parenting arrangements and financial settlement can cause.
Our objective is to try to finalise property settlement and parenting arrangements on behalf of our clients without the need of court intervention – through the helpful process of mediation or other non-arbitrary forms that focus on agreement and consent between the parties.
Prior to meeting with a client at an initial consultation, we ask that the client compile the following information:-
- Date of Cohabitation;
- Date of Marriage (if applicable);
- Date of Separation;
- Names and birthdates of all minor children;
- Assets and Liabilities Schedule – current date and date of separation;
- Financial contributions made by each party at the commencement of the relationship and during the relationship (employment);
- Non-Financial contributions made by each party at the commencement of the relationship and during the relationship (household duties and care for the children);
- Particulars of any agreement reached between the parties in respect of property settlement and/or parenting arrangements.
It is not uncommon for one party to have more involvement with respect to the household duties and the other with respect to financial contributions.
Pursuant to the Family Law Act 1975, both parties must provide “full and frank” disclosure of their assets and liabilities to one another.
As such, gathering all relevant financial documents in your control and possession, prior to meeting your solicitor, will be a proactive and appreciated step. If your partner controls any relevant documents, we can assist in requesting these documents in the early stages in the process of finalising family law matters.
The most common financial documents you will be asked to provide or obtain copies of include (but are not limited to):
- Three (3) most recent taxation notice of assessments;
- Full details of your salary including copies of recent payslips;
- Details of any property that you have acquired since the date of separation;
- Details of superannuation entitlements, including copies of your member account statements issued since the date of separation;
- Copies of all bank/building society/financial institution statements for any account held solely or jointly or in which you may have any interest from the date of separation until today’s date;
- Copies of all credit card statements and all accounts operated from the date of separation to today’s date;
- Details and/or records of any investments including stocks and shares held from the date of separation to today’s date;
- Appraisals/valuation or real estate which you own or hold an interest in;
- Appraisals/valuations of chattels including cars, jewellery, antiques and furniture that you own or have disposed of since the date of separation;
- Details/records of any life insurance or disability insurance you may hold as at the date of separation and as at today’s date;
- If applicable, copies of three (3) most recent financial statements and taxation returns for any corporation, trust, partnership in which you have an interest, as well as a copy of any constitution of the corporation, any trust deed and/or any partnership deeds;
- Copies of any documents evidencing any intellectual property having a commercial value; and
- Any other financial documentation in your possession that would assist in ascertaining the net asset pool.
If you do not have access to all of the above information or relevant documents, do not stress – we can assist you in locating the correct financial documents.
It is important to try and discuss realistic financial arrangements and short-term living options for both you and your children with your former spouse – until a final agreement can be reached. If an agreement can be reached, we advise that it should be formalised in writing and signed by both parties.
If you and your former spouse are not able to come to a short term agreement, feel free to contact your solicitor who can assist in this process and provide relevant legal advice.
We have a dedicated Family Law Team that can assist you with your matter. Please call us on 07 3345 4388 if we can assist you.
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