Money

Money

Sorting your financial split after separation and divorce.

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Where do I start?

The simple answer is, you start right here. Gathering information so you can make decisions that are right for you and your family.

In short, no.

Sometimes a 50/50 split is appropriate, but more often than not, it isn't.

The best way to make sure that things don't spiral down a negative path is to make sure you have an honest and open conversation from the outset. 

Even if you can't agree on the final outcome, set some preliminary guidelines early on. Who will stay at the house? Who will access what money? Who is paying what bill?

When you aren't able to talk about these things, bad decisions are made and the conflict will soon escalate.

After you make early decisions then you can begin educating yourself on what your split should look like.

What is the value of your 'asset pool'? Your asset pool is what's in your name, what's in their name and what you jointly hold together. 

Then you'll need to consider what were the contributions to the relationship, these can be financial and non-financial.

Then you'll need to factor in future needs of either or both of you. 

The short answer is some will and some won't.

If you are both able to work together and come to an agreement, you may not need a lawyer. Some people are able to complete the DIY separation kit on the family courts website.

Others will engage a lawyer to give advice and draft their documents (or check their documents) once they have an agreement. This gives many the peace of mind that all the lose ends are taken care of.

If you can do some or all of the negotiations yourself, you will save a lot of money.

You can most certainly do some or all of the negotiating yourselves.

Once you have an agreement either complete the DIY kit on the family courts website or you can engage a lawyer to help you with the documentation side of things. Don't forget this step, it's important! You need to close the curtain on this financial relationship. You don't want any encore's or further claims a few years down the track!

If you can reach an agreement, then no.

If you are in dispute and can't agree then you might have to go to court if you can't resolve your differences.

But before you go looking for a suit please note that there are other non-court based methods of resolving your differences like mediation or lawyer assisted negotiations. 

The statistics tell us that you are more likely than not to resolve your financial dispute out of court.

You'll start by sitting down together and having a conversation. You will begin by working out your pool of assets and liabilities. Then after considering contributions and future needs you will come up with a path moving forward. 

You can draft this agreement up to submit with your DIY Kit to lodge at court, or you can speak to a lawyer and have them draft an agreement that reflects your decisions.

You are going to need some help communicating and making decisions.

A family mediator can help you have a meaningful and structured conversation and help you problem solve your way through your financial differences.

The Separation Place offers online family mediation with Rachael Hempling which includes access to our online programs. If you'd like more information, you can find it here.

Family property mediation is where an independent person, a mediator, helps you discuss your concerns and problem solve your way through your financial differences.

The Separation Place offers online mediation with Rachael Hempling. If you'd like to explore this option, you can find more information here.

Rachael is a nationally accredited mediator and family dispute resolution practitioner registered by the Australian Department of Attorney General. She has over 16 years experience as a lawyer and now practices exclusively in family mediation.

First steps

Create a pathway that gives you financial structure, certainty and a clear focus on how the future will look.

Do you need a guide to sorting your split? 

$ 9.95

Our 16 page workbook steps you through the process you need to take and decisions you need to make so you move towards financial independence after separation and divorce.

The Negotiation workbook includes:

  • Tools to calculate your asset and liability pool;
  • Worksheets on how to consider your contributions throughout the relationship;
  • Guidelines and work sheets so you can consider what future needs of each person is;
  • Tips to keep the communication positive and on track;
  • Inside information on how to approach the conversation with an open negotiation mindset by coming up with your 3 or more options; and
  • Once the workbook is completed it form the future roadmap of what will become your agreement on dividing your finances.

 

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But what if we can't agree?

Do we have to go to court?

If you're stuck and just can't agree!

Here are your 3 non-court based options.

Money Matters

Our online program that walks you through the process of directed and positive communication so you can negotiate and divide your assets once and for all, even if things haven't gone so well in the past.

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Online Mediation

Online private mediation, including free access to Money Matters, for up to either 2 or 4 hours. Let Rachael guide you both through the mediation process and help you sort your financial split so you can both move on.

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Lawyer negotiations

Just because you see a lawyer, doesn't always mean you'll end up in court! In fact, The Separation Place can recommend a bunch of trustworthy ones who are known for keeping people out of court!

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Do you need a little help?

Family mediation can help you get to yes, even when you never thought it was possible.

The Separation Place offers a streamlined online mediation service which helps you make decisions without having to go to court.

All our mediations are conducted by Rachael Hempling, who has helped keep hundreds of people out of court.

Rachael is a nationally accredited mediator and family dispute resolution practitioner registered by the Australian Department of Attorney General. She has over 16 years experience as a lawyer and now practices exclusively in family mediation.

If you want to save time, money and heartache, then consider mediation as your first port of call.

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Confused and don't know where to start?

Start by downloading our free guide below to help you on your way.

Do you need to sort your financial split?

Download our free guide to help untangle your finances after separation and divorce.

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