If you are in de-facto relationship or you are married you may have an entitlement to a property settlement.
This includes all assets, liabilities and superannuation interests in your name or your partners name or in which either of you have an interest.
This may include your home, investment property, trusts, business, motor vehicles, shares, savings accounts, overseas assets, debts including credit cards and also superannuation. It may also include an inheritance or gift from family, an asset you had prior to the relationship or a debt that the other person accrued without your knowledge (sexually transmitted debt).
They may need to be valued or the valuations agreed upon.
You’ll need to know the contributions made to the asset pool, who had what at cohabitation and any gifts inheritances or windfalls during the relationship.
You’ll also need to know what we call ‘future needs’ which is the income earning capacity of each party and the likely care and support of a child under the age of eighteen or other person.
With all that information a lawyer will be able to give you advice as to a likely range that you will fall within for a property settlement, whether you would be entitled to maintenance (this can be de-facto or spousal), what you might expect in terms of child support and the likely parenting spend time arrangements between both parents and the children.
This means that you can obtain advice as to a likely settlement during a relationship without your partner knowing that you want to separate. It will allow you to take your time and consider your options without stressing that you need to leave to protect an asset or inheritance for example or that you should stay as you can’t afford to go.
If you don’t have all the information I have outlined, your lawyer can either request your partner disclose this, or issue an application in Court seeking their disclosure.
Once it’s all obtained you’ll receive an opinion from your lawyer and will hopefully be able to settle quickly.
If you have any questions don't hesitate to contact TML Family Law, Melbourne family lawyers for a free 15 minute telephone consultation.