Understanding & Handling Financial Disputes During A Divorce

Divorces can be devastating on many levels. Beyond the emotional distress and the major upheavals that a divorce can bring, handling finances can be an enormous challenge.

Divorces can be devastating on many levels. Beyond the emotional distress and the major upheavals that a divorce can bring, handling finances can be an enormous challenge. Indeed, finances are one of the most difficult topics to understand and handle during a divorce. But, to maintain your sanity and receive a fair deal, it is essential to take on the task.

Getting in touch with professional family lawyers in Essendon is one of the best ways to get a handle on your financial issues during a divorce. However, it is always a good idea to have some independent understanding of this topic before heading to the experts. You will be better able to understand the legal context of handling finances in a divorce. And you will be able to secure a fair and equitable arrangement that will leave you on the best possible footing.

Let’s look at some tips that will help you better understand and handle financial disputes during a divorce.

Start With An Amicable Approach

In the best case, you and your partner will still be on amicable terms and will want to come to a mutual agreement without calling in the lawyers. If this is the case, it can still be confusing when it comes to actually splitting finances in practice. First, start with what you both want to achieve after the process is complete. Having shared goals for what an equitable split will look like will help you create the steps that you need to take to get there.

Be transparent about what assets are in your possession or what assets are mutually owned. Set a timeline for when the decisions need to be made. Even if you do not need a lawyer to handle a dispute, make sure to get advice from a lawyer on the best way to proceed.

Work Out Child Care Agreements

If you have children with your partner, make sure that their needs are put at the forefront of discussions about post-divorce finances. Beyond any agreements about parenting arrangements, you will need to resolve disputes relating to school expenses, child support payments, and any government payments for which you may be eligible.

As with other areas of financial disputes that arise during a divorce, conversations with a family lawyer will help you find the best way forward.

Fair Deals Do Not Always Mean A 50/50 Split

When it comes to divorce finances in Australia, an even 50/50 split of assets is not always deemed a fair split by the court. Splitting finances during a divorce first involves valuing and identifying all of the property that each member of the marriage holds. Then, the needs and contributions of each party are assessed. Finally, a decision is made on what an equitable division of assets looks like.

In practice, this does not always mean that any assets that you have in your name, and any assets that exist in your partner’s name, will be kept by you, or by your partner. The shared property pool is what is examined when finances are being divided during a divorce.

Resolve Disputes Quickly

Settling disputes efficiently and, where possible, amicably will speed up the process. It will put you on the right track for starting a new life. And, if you have children with your partner, it will reduce the burden of stress that these difficult times can place on them. Follow these tips to start the process of handling your financial disputes in the divorce process. When you run into any problems, make sure to receive the helpful guidance of family lawyers in Australia.

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