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What You Should Know If You Are Divorcing.

Article by WealthSafe.
Category: Other

Date Published: 16 Sep 2013

These days, divorce is more common among married couples. The rate is increasing each year, and is now over 50%.

Things that divorcing couple should know about

When contemplating a divorce, couples fail to consider the effect of that decision. Aside from the permanent separation of the couple, their children will also be affected.

Getting legal advice is critical. A top family lawyer is worth their weight in gold. They act as a mediator. They find out about the assets they own, when they got them, and how they plan to split them.

Working out how the assets are going to split is an important part. On balance, splitting the assets 50/50 is the usual scenario. But it’s not guaranteed.

If the parties can agree on the split, the lawyer drafts a consent order or binding financial agreement. These have strict legal formalities.

If the parties cannot agree on the split, they are off to court.

The court considers all the information before them. They consider the assets, including property, cars, furniture, jewelry, superannuation, business, pending distributions, income earning capacity, and the respective contributions of the parties. They also consider the issue of custody of any children, and what is in their best interests.

The legal system is costly, and the more these situations can be resolved outside of the court, the better.

In conclusion, it is a good idea upon separation to see a Family Court counselor early and see if you can mediate and come to an amicable solution.

Otherwise from our experience, the only winners will be the lawyers.

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