For most of us, the decision to end a relationship is often a life transition point. Reputed firms such as Family Lawyers Perth can provide valuable advice regarding potential problems and pitfalls. It’s always a good idea to take simple steps and precautions to ensure that divorce proceedings are simple, straightforward and quick. Lengthy divorce hearings, stressful interactions and prolonged court ordeals result in worry and anxiety and may affect not only you but also other loved ones in your family. Resolving financial issues and protecting your rightful property and assets can help you move on to lead a fulfilling and happy life. Feelings of rejection, anger and resentment may prevent us from making positive decisions.
The most important thing is to ensure that your financial assets are protected. Although, this may not seem important to you at the time, having free access to your rightful monies may prove invaluable down the line. The following list describes some important things that you may wish to do in order to ease the difficult process of divorce.
- First, make a detailed list of all your assets. Separate this list into assets under your name, assets under your partner’s name and assets held jointly.
- You and your partner may wish to mutually decide that joint bank accounts, joint credit cards etc should not be used without the consent of both divorcing partners. If your partner refuses to comply, you may also consider blocking off joint assets so that you are not left bereft of adequate monies to pay rent, utilities, mortgage and so on.
- Keep your salary in a separate account that is accessed only by you. It’s a good idea to do this right from the beginning of any relationship. It’s easier to protect assets that are held separately. The Family Court will distribute the asset pool according to the guidelines stipulated in the Family Law Act.
- Make it a point to obtain copies of important financial documents including tax returns, insurance documents, wills, bank statements, utility bills, credit card statements and so on. Copies of financial documents will play a crucial role in establishing credibility and authenticity in court.
When you and your partner make a firm decision to separate, you can discuss how to split financial assets, payments liabilities and ongoing financial commitments and so on. An amicable relationship with your partner can ensure that financial agreements are resolved within weeks. However, an acrimonious relationship between partners can force you to use the formal legal process. In the event of frequent standoffs and litigation, the process of financial settlement may drag on for years. A reliable family lawyer can help you protect your rights and ensure that financial responsibility is shared between the two partners.
