The process of separating out assets on the break-down of a relationship can be an emotional and complicated process. As lawyers we need to review the asset base of the relationship from a relationship property perspective and then provide advice to you as to a suitable process to take and outcome to anticipate.
While we always encourage people to attempt to come to property agreements from an amicable perspective this is not always the case. However, it is important to consider that the more drawn out a process a separation settlement becomes the more likely the stress and costs will increase with that increase in time.
Prudentia Law has a basic questionnaire that can allow separating couples to provide a framework on their own time as to what assets are agreed to be split and the methodology for that. To that end time and money can often be saved with avoiding any unnecessary exchanges between the parties’ professional advisors.
With any separation agreement, the key things to keep in mind are:
- What assets each party is agreeable to keeping/relinquishing?;
- How the division of assets will be funded if there is debt involved in terms of buying one party out of a specific assets?;
- Timing for when transfers are to take place;
- Whether any tax consequences need to be taken into account, i.e. with business assets and property investments?;
- What the impact of the agreement will have on the maintenance and ongoing care of children from the relationship (if any).
If you need assistance in this area, or need to know what rights you may have in respect of a separation, please feel free to contact us for advice.