A financial and/or property settlement is to be inclusive of all the property that belongs to each partner, after separation or divorce. Items included in a property settlement are: Property, belongings, money, shares and other investments.
Preparing for property / financial settlement after separation or divorce uses a 4 step process:
- Disclosure
- Contributions
- Future needs
- Just and equitable
Disclosure is when you list all the assets and major belongings you brought into the relationship, acquired during the relationship and acquired after separation. Write them all down and give each a dollar value. Add them up. Then do the same for all the debts and liabilities. Subtract the liabilities from the assets and you have the Net Asset Pool. This is what you are going to mediate about.
Contributions are what each of you brought into the relationship and what each of you have put into the relationship including financial and non-financial.
The future needs of each party are worked out by considering things like having children in your care or whether you are able to support yourself financially after separation.
A just and equitable settlement is when the above three components have been taken into account fairly.
The mediator doesn’t consider evidence, because we are impartial. If there is disagreement between you about the value of an asset or debt, for example, you will need to show each other evidence. The mediator can assist you to come to an agreement.
Agreements reached in mediation are not legally binding, but you can apply for consent orders. Argyll can walk you through this process.
Consent Orders are legally binding and final … except … if you hide an asset and don’t disclose it to the other party, like a second superannuation account, and the other party finds out later, any agreement or court orders can be revisited. It’s your duty important to make a full and frank disclosure.
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When you choose Argyll you’ll be working with an experienced, trustworthy and affordable family mediator to help you establish a property and financial agreements that not just focus on the best interests of your children, but also tailored to meet your family’s specific needs. With a minimal waiting list, we can meet with you and handle your case quickly.
- Flat fee of $580.00 per person- only additional expense is room hire if required
- Pre-mediation and preparation via email and phone
- 3 hours of mediation and agreements prepared in plain English or legal language as required
- Inclusive practice. LGBTIQ clients welcome
For more information or to book your initial consultation, contact us today
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