Dealing with a relationship breakdown is an emotional time.
Often separation gets messy and you need a lawyer to help you reach an agreement with your former partner that both of you can live with. There are many things you’ll need to sort out, including property settlement.
But, what if your separation isn’t messy? What if you’re both on the same page and agree to split your assets evenly. Do you really need the added expense of a Lawyer?
Short answer, YES!
Even if you both agree and you’re all smiles, you need the agreement in writing. You don’t know what the future holds for either of you. Even a gentleman can go back on his word.
Gary and Sandra had been married for 15 years when they separated.
They had no children. They owned 2 properties, and had a car each. They both worked and had superannuation.
Gary and Sandra both agreed to divide their assets equally. They kept a property each, kept their own cars and super. They then divided their savings and possessions between them. They decided not to do a formal property settlement through a law firm.
Everything was fine until about 4 years later.
Sandra developed a gambling problem after their separation and spent all of her savings and assets.
Even though they’d been separated for 4 years, Gary and Sandra were still legally married. This meant Sandra was able to make a claim over Gary’s remaining assets, stating that she was in financial need.
She commenced proceedings in the Family Court and Gary had to defend these proceedings. In the end Gary had to pay a significant portion of his remaining assets to Sandra, along with the associated legal costs.
Had Gary seen a lawyer when they first separated, all of this could have been avoided. Their property settlement should have been formally documented.
Are you separated or considering separation? Have you thought about property settlement?
We recommend that you contact us to discuss protecting your interests. Protect yourself and your future with a formal property settlement.