I'm Considering Separating from my Partner – What Should I Do?
By Chloe Jackson
Relationships end for a variety of reasons and in countless different circumstances. No matter your situation, there are a number of factors that you should be considering immediately that can seriously affect your future, but can be overlooked in the turmoil of a breakup. Here are just a few of those important factors to be thinking about at the time of separation:
1) Is there anything at risk that you should be taking immediate steps to protect?
For many people, the period immediately after separation is the time when quick decisions are made by one party that can have serious ramifications for the other. It is therefore critical that you are considering things like:
a) how is our property owned, and if you are not a registered owner of it, is there a risk it might be sold or mortgaged without your knowledge or agreement?
b) do you have significant funds in a joint bank account, or a redraw facility on your mortgage that could potentially be withdrawn without your knowledge or agreement?
c) are there any companies or trusts that you or your former partner have an interest in, and do you have control of it to ensure that changes aren’t made without your knowledge or consent?
There are steps that can be taken in each of these circumstances to protect your assets, and getting legal advice about these issues straight away is important to ensure that you can act immediately.
2) Consider your will/estate documents
Many people do not consider the contents of their will, power of attorney, or binding death nomination that may still be in place, but no longer accord with your wishes now that you are separated.
Be aware that until you are divorced, your testamentary documents will remain in place and should the unfortunate suddenly happen, your interests in property will nonetheless pass in accordance with your existing will which may not be your intention post separation.
3) Collect your important documents
During the course of a property settlement, the contents of certain documents such as trust deeds or income tax returns can be critical to establishing the property pool available for division between you and your former partner, or proving the contributions you have made during the relationship. In addition, documents like your birth certificate (including your children's), marriage certificate, or passports are important to be kept safe, but may not be thought of during the throes of separation and can later be difficult to retrieve or costly to obtain new copies of.
4) Get in touch with your advisors
In many relationships, one party is primarily responsible for managing the family's finances, with the other party having only general or limited knowledge of their circumstances.
If you and your partner have utilised the services of an accountant or financial advisor during your relationship, it can be helpful to meet with them at the time of separation to gain a better understanding of your financial interests and circumstances, and you may also be able to obtain documents from them about your finances for the purpose of your property settlement (if you are entitled to them).
5) Get advice
Many people are hesitant to engage a lawyer in the early stages of their separation, with comments such as "I didn't think I needed one" or "I didn't want to go to Court" common. Getting legal advice does not mean that you have to go to Court. Obtaining the right advice at an early stage of your separation, however, is critical to ensure that you have an understanding of the process moving forward and the factors that the Family Law Act takes into account so that you are better placed to negotiate a settlement with your former partner (whether directly, through negotiation with the assistance of a lawyer or in a mediation) or to access the Court system if necessary.
It is also important to understand that any settlement you do reach is documented properly to ensure that it is binding and can be enforced at a later stage if necessary.
If you have recently separated, we can assist you to understand your options moving forward. To discuss your situation confidentially and arrange a consultation with one of our Solicitors, please telephone us on (07) 3229 4221.