Finalising a divorce and reaching a fair property settlement can be emotionally and financially overwhelming. However, by following some practical tips, you can navigate this difficult period more smoothly and ensure a positive outcome for both parties involved.
1. Give Yourself Time to Process
In many cases, one partner initiates the divorce, which can come as a shock to the other. If this is the case, taking time to process the situation is essential. Rushing into decisions without being emotionally prepared can lead to poor choices regarding the property settlement. Make sure both parties have had adequate time to adjust before negotiating the details of the separation.
2. Emotional Readiness is Key
It’s vital to ensure you are emotionally prepared for the process. Seeking support from family, friends, or even a counsellor can help you approach the situation calmly and clearly. Emotional readiness will give you a stronger chance of successfully finalising the divorce while achieving a fair division of assets.
3. Aim for an Amicable Agreement
One of the best ways to expedite your divorce and property settlement is to keep things amicable. When both parties maintain a cooperative mindset, the process is generally quicker, less costly, and less stressful. Disagreements are natural, but a sincere apology or compromise can prevent conflicts from escalating, which ultimately saves you both time and legal fees.
Further reading: Why an Amicable Approach Pays Off
4. Put the children first
Where there are children involved, their wellbeing through this process is paramount. It is also usually more beneficial for both parents to have a positive relationship with their children after separation. Never use your children as pawns in this difficult situation, and where possible have a joint approach to raising them after your separation.
5. Start at a 50/50 split
A fair starting point for a property settlement is a 50/50 division of assets. From there, other considerations like financial contributions, income potential, and future needs can be factored in. Keep in mind that your financial situation may be different from your spouse’s, but working from this neutral starting point can help ensure a fair outcome for both parties.
6. Understand the Financial Impact
When negotiating a property settlement, it’s important to understand the numbers. Every additional percentage that one party receives directly affects the other’s share. Sometimes, legal disputes over small amounts of property or assets end up costing more in legal fees than the value of the property itself. When you’re stuck in a disagreement, consider whether the battle is worth the cost.
7. Formalise Your Agreement Legally
If you are going to the effort of agreeing a property settlement it is best to have it legally binding to avoid issues in the future. If you want your property settlement to be legally binding, then you are best to formalise your agreement by either: applying to the Federal Circuit and Family Court of Australia (“the Court”) for Consent Orders or entering into a Binding Financial Agreement.
At Div-ide, we assist couples who are seeking a cost-effective, amicable approach to finalising their divorce and property settlement. We believe that smart solutions can help you avoid unnecessary stress and ensure that your agreement is legally sound.
If you’re ready to take the next step, contact us today to discuss how we can help make your separation process smoother and more efficient.