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Financial and Property Tips
- Keep as much of the personal property as you can. The cost of replacing personal property will always vastly exceed its ‘value’ in family law calculations (Which is second-hand auction value – a brand new fridge that cost you $1,500 might be worth $500 if you auction it.)
- It is often advantageous to get matters settled as soon as possible after a separation – especially if the other person is feeling responsible for what happened. Conversely, be careful of making a settlement when you feel guilty or responsible for the breakdown of a relationship.
- Get financial advice about how realistic proposals are. You may really want to keep the family home, but if you don’t have the income to pay off the mortgage, it may not be practical for you to do so. Even if you can pay off the house with your income after the split, how much will be left over for you to live on?
- Make sure you get legal advice quickly if there is a danger that your ex-partner might dispose of an asset you might not be able to get back.
- Don’t think you can remove property from a distribution by transferring it out of your name or ‘giving’ it to another person.