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There are a number of things you can do to make it easier. Here
are some things to think about:
When you’re going through a separation, it’s difficult
to know where to start. Often couples have been together for a
significant period and it’s hard to know how to start
unravelling their joint lives. The process can be overwhelming, but
there are a number of things you can do to make it easier. Here are
some things to think about:
Record your separation date
The separation date is the date when one of you communicated
that the relationship was at an end. Nothing formal is required,
but it is helpful to take a note in your phone to when this
occurred. This date is important because it draws a line in the
sand in terms of property sharing and is the date used when
determining the value of your assets. It’s important to keep a
record of this date, and any evidence of your separation (such as
emails, text messages etc.), in case there is a dispute down the
track.
Get your mind right
People often underestimate the emotional toll that separating
can have on them. It can be a long process with emotional
negotiations. Talking to friends or a therapist can help give
perspective and enable you to approach negotiations with a level
head.
Plan for financial independence
Once you separate, your income becomes your separate property.
If you don’t already have a bank account in your sole name, now
is the time to set one up. Have your income paid into that account,
rather than a joint account. You are still required to contribute
to your household expenses (if you were doing this during the
relationship), so make sure you are putting money back into your
joint account to cover these costs. If you are not earning an
income, agreeing on interim financial support will be a priority.
If this is not something you and your partner can agree on, your
lawyer will be able to guide you through your entitlements.
Find a lawyer
Family law is a specialised area of law, and it is important
that you find a lawyer who is proficient in this type of work. Too
often we see people receiving poor advice and missing out on
entitlements they aren’t aware they have. Be sure that your
lawyer regularly deals with separations and can deal with
complexities such as spousal maintenance, claims against trusts or
companies, and economic disparity (unequal division of property).
Seeing a lawyer early on in the process can help achieve a quick
resolution.
Gather your disclosure
Your lawyer is going to need to see statements for your bank
accounts, superannuation schemes, credit cards, hire purchases etc.
showing balances at the date you separated. If you have a trust or
company, your lawyer will need to see the trust deed and the latest
company accounts. Getting these documents together before you meet
with your lawyer will speed up the process.
Think ahead
Now is the time to update your Will or put one in place if you
don’t already have one. Chances are if you do have a Will, it
will make substantial provision for your partner. This should be
updated to reflect the change in your relationship. If you have a
joint life insurance policy, you should contact your insurer and
have the policy separated. You can change the beneficiary of your
policy to your estate (to be distributed in accordance with your
Will) or to your children, if you have any. If you don’t do a
little estate planning now, and something was to happen to you,
your ex-partner could benefit from your estate in a way you
don’t want.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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