So, you have recently separated and you have hundreds of thoughts and questions running through your head about what your future is going to look like. The idea of embarking on a discussion about your property and finances can be overwhelming, especially when you feel vulnerable and uncertain about what comes next.
In order to obtain accurate legal advice, it is important that you have a good understanding of what your financial situation is. You might not have all the answers and that is okay, we can help with that. But you should come to an initial consultation with at least an outline and basic knowledge of your assets and liabilities so that your lawyer knows where to start looking.
Spending some time to consider the matters in the below check list will set you up for an informative and valuable discussion about where you are at currently and your next steps:
- Bank accounts – make a list of all of the accounts that you have in your sole name and any joint accounts that you and your spouse have together. Where possible, start gathering the most recent statements or internet banking print outs for each account. If you know your spouse has accounts with a particular bank but you don’t know the details, write down the name of the financial institution and collect (or make copies of) any documents that might relate to those accounts;
- Superannuation – do you have one super fund or more than one? Do you have a copy of your most recent member statement? You may have made a binding nomination in favour of your spouse. If you aren’t sure, call your fund and find out. You may need to review this in light of your separation. Do you know which fund your spouse is with?
- Wills & Powers of Attorney – have you and/or your spouse signed a Power of Attorney in favour of the other? You may wish to revoke this in light of the separation. You should also seek advice about whether your Will needs to be updated, in particularly if your spouse is the named executor and/or primary beneficiary of your estate.
- Real property – if you own a house or other investment property, do you know how the title is held? Is the property held in joint names and if so, as joint tenants or tenants in common? Have properties been purchased in one party’s name for tax reasons? Your lawyers can assist you by conducting title searches if you don’t have this information.
- Is there a business involved – if either you or your spouse run your own business, it is important for your lawyer to understand the structure of the business. It is a proprietary limited company? Who are the directors and shareholders? How many employees are there? What is the financial position of the business?
- Family Trusts – is there are family trust or do either your or your spouse have an interest in a trust? If so, it will be helpful to have a copy of the trust deed to provide to your lawyer. You should also understand whether the Trust owns any assets or receives income.
- Income of the parties – do you know how much you and your spouse earn? Obtaining copies of recent pay slips and income tax returns will be helpful. The income of the parties is relevant not only to property division but to spouse maintenance and child support matters.
You can make an initial appointment with our Accredited Family Law Specialist by contacting our office on (07) 3038 1122 or by email info@hrtfamilylawyers.com.au
