Divorce and finances: How to get your fare share and stay same
One in three marrriage in Australia end in Divorce. But for many couples, the financial cost of this streak could be a big headache and dividing up assets, working on child support and ending up with enough money to pay the bills seem impossible. Not to mention it is stressful and emotional.
Property and Divorce Settlement.
There are no winners or losers out there because this is the situation where you end up dividing what used to be owned by both parties and can often affect your standard of living. When dividing an assett pool financial and non financial contributions need to be considered as well as the earning capacity of both parties. For example, if the husband worked full time and the wife quit a promising job to take care of the couples children full time, these are both valued contributions. A court will assess each case on its merits and circumstances. It is always preferable for couples to reach an equitable agreeement themselves.
When it comes to dividing up the assets and child support, what is the biggest mistake couples make?
Emotions can get the better of both parties and can often lead to unreasonable or unrealistic expectations. Sometimes it is a good idea to take a step back to gain some persecpective. Be sure not to sign or agree to anything unless you have sought independant legal advice. Divorce is a difficult time, but it is important to consult external experts where neccessary, be rational, take stock and be comfortable with the decisions you are making.
Getting through divorce, how?
- Keep your cool. Keep your emotions in check. Do not make decisions at the height of your emotions.
- Access resources. Evaluate your resources. Take a look on government agencies, financial advisers who are willing to talk to you free of charge.
- Minimize legal costs. Legal battles shell off a lot of finances which might make your budgetary costs explode. Attend a Family Relationship Centre to assist you in reaching a parenting agreeement.