Property and Asset Division During Separation

Separation can be a challenging time, especially when it comes to dividing money and property. Understanding how to fairly distribute your assets is crucial, regardless of whether you were married or in a de facto relationship. Property includes all assets and debts owned by both partners, no matter whose name they're in. This covers the family home, cash, bank accounts, investments, businesses, insurance policies, superannuation, and debts like mortgages and credit cards. Addressing your property settlement promptly is essential, as specific timelines apply for applying to court.

Agreeing on Property Division

Couples are encouraged to agree on property division without court intervention. There are three primary ways to formalise your settlement: informal agreements, financial agreements, and consent orders.

• Informal agreements: Though simple, aren’t legally binding and may lead to future court involvement.
• Financial agreements: Legal documents outlining property division but require legal advice.
• Consent orders: Court-approved written agreements that are legally enforceable.

Seeking legal advice, regardless of the method chosen, ensures that your agreement is fair and binding.

Superannuation and Legal Advice

Superannuation is a significant asset and should be included in your property settlement. It can be valued and split between separating partners, although cash access remains restricted until retirement. To navigate these complexities, gather all financial documents, seek financial and legal advice, and notify Services Australia about your relationship status change. Additionally, the ASIC MoneySmart website offers valuable information on divorce and separation.

By taking these steps, you can ensure a fair and comprehensive division of property and assets post-separation. For an easier and more efficient way to work out your asset split, Separately.ai can help you.