Divorce Settlements | Brisbane | Gold Coast| Sunshine Coast

Divorce settlements, What is it and What does it mean for me?

Divorce settlements are simply, binding agreements between spouses that outline in detail how matrimonial property, joint debts, money, assets and property will be disposed of during the separation and subsequent divorce of a married couple.

So what does this mean to you!

If you and your spouse are considering separating for any number of reasons, then you will need to consider the consequences of this action. Separation can lead to divorce and in such a situation it can become a very difficult and complex process, depending on your circumstances.

Divorce is often thought of as a legal process in which couples engage lawyers or solicitors, often go to court and come out with a signed document that officially ends the marriage in the eyes of the law.  This scenario is not always the case and again depending on your circumstances it can often be sorted out and completed without going to court. With the help of a reputable solicitor or lawyer experienced in divorce proceedings or through divorce mediation, a fair and desirable outcome can be arranged.

Please be aware that divorce is often a tough, expensive process, both emotionally and financially and one that doesn’t end after a court date or signing an agreement.  Understand divorce settlement today is one of the most frequent topics which people consult lawyers or solicitors’ about in Australia.

During the divorce process, dividing up assets rightfully is almost certainly one of the most complicated tasks of the whole procedure.  However, once your divorce settlement has been signed, it’s too late to change it.

Below is a list of aspects you should consider before proceeding down divorce’s rocky road:

• Divorce; being a painful and unpleasant time for a couple, it is very important that you should find a trustworthy and experienced lawyer or solicitor for your divorce. Someone you feel comfortable with and you feel you have a good rapport;
• Understand, divorce can be a major strain and stress emotionally and financially on all family members;
• Divorce has become part of life in the 21st century and is on the increase, sadly with almost one in two marriages ending this way;
• Divorce is at least a major crossroad in your life, maybe even a full-blown life crisis;
• Divorce has serious tax implications and there are many pitfalls for unwary individuals;
• Divorce, while not cancelling your Will in its entirety, cancels any provisions in it concerning your former spouse;
• Divorce almost always wreaks havoc with the credit reports and credit scores of both spouses;
• Divorce mediation is one attempt to discourage the deceit and diffuse the negativity often attributed to this life changing event;
• In divorce mediation, a neutral facilitator meets with the divorcing parties to assist them in overseeing and organizing a settlement;
• Divorce property settlement agreements are significant from the point of view of your retirement benefits too;
• Divorce settlement agreements specify who will be claiming the dependency exemption; and that exemption can be released in future years;
• Divorce Support Groups introduce you to people who understand what you are going through.

As you can see from this long list of considerations this is not be entered into lightly.

Planning Considerations for Divorce

Divorce planning involves deliberation of a broad range of issues including parenting and child custody (when children are involved), and often very complex financial matters. The more you can agree on with your former partner, the more you will minimise your engagement with ‘the system.

If and when it comes down to some form of legal help and lawyers or solicitors are consulted about your property settlement their primary aim is to have the parties reach an agreement on the settlement without the need to issue procedures through the Court system.

By setting up an agreement this provides a huge saving in both time and money and not to mention the stress factor. The agreement is documented by way of a Consent Orders or a Binding Financial Agreement.

Consent Orders are provided by the courts, but do not require either party or their solicitors attending court. Having these documents prepared and signed, is of particular importance when settling property as government stamp duties are waived.

Conclusions

If you have considered the above advice and feel you would like some specific advice on your case, we would be happy to discuss the matter with you. Our initial consultation is more than fair in time and cost and this confidential meeting will arm you with some specific information and knowledge to help you make informed decisions.

Specific areas of concern we will cover for you include:

• What are the legal ramifications of separation;
• A number of strategies to reduce the impact of parental separation on children and how to tackle parenting actions in the short term;
• We will talk about whether you will need help dividing property when companies or trusts are involved;
• What rights if any, third parties such as family or business partners involved in business or co-ownership play in the proceedings;
• Ways to consider the valuation and identification of the assets, particularly where there are intricate financial structures;
• We will discuss ways of protecting your assets;
• Finally a range of likely outcomes for the following:
  • Special arrangements for children;
  • Temporary and ongoing financial support for both children and spouses;
  • Likelihood in the property settlement stakes.

Divorce or separation can often be a difficult and traumatic time in anyone’s life. Each and every divorce or separation is different and requires a range of strategies and thought to resolve these issues.

If you have arrived at an impasse and need help with the next step please contact our office and schedule some time with our experienced team. We are here to help and provide you with the best possible outcome for your situation.