Protecting yourself and your children during separation.
When separating, it’s crucial to address not only the division of assets and liabilities but also financial, maintenance, and future claims. Key considerations include the impact on children, access to joint accounts, and the handling of outstanding debts and bills.
Post-separation Arrangements
Spouse maintenance claims might persist post-separation, and reviewing property titles and financial agreements is crucial to ensure equitable arrangements.
changes in circumstances
Additional matters like trusts and changes in circumstances should be discussed with your lawyer to address all potential issues arising from separation.
legal consult
Don't leave out legal consultation on issues like spouse maintenance, property titles, and trusts to protect your financial interests.
There is more than to severing assets and liabilities between separating spouses and partners. Apart from property issues that are often being the matter at hand are financial, maintenance and future claims that also needs to be considered.
Inevitably, separating partners would start sorting the negotiations from overwhelming inquisitions such as:
- how the children involved, you and your spouse are able to support themselves after the separation
- how, when, and who gets the property/ies
- ability to access joint accounts
- protecting funds and/or right to be accessed by both parties
- payments of assets or liabilities such as mortgage
- severance of current assets and liabilities
- payment of outstanding bills and debts, etc.
When separating, ensure to update your bank account access, superannuation nominations, and wills to reflect the changes in your personal circumstances.
Review all financial and legal agreements, including property titles and maintenance claims, to ensure that all aspects of your separation are addressed equitably.
Bank accounts
Are there any accounts where your previous partner can arbitrarily access the fund?
Superannuation binding nomination
Consider renewing nominations that was in previous favour of your estranged spouse/partner.
Wills
Obtain advice in terms of reviewing and renewing your will on separation.
Silent Directors
You may seek advice in terms of arrangements if your spouse entirely runs a company even without your contributions, involvement, or inputs.
Powers of Attorney
Seek advice if you wish to revoke a signed Power of Attorney in favour of your estranged partner / spouse.
Spouse Maintenance
Depending on negotiations and agreements, maintenance claims may still be open and stay as is regardless of possible Consent Orders and restricted property arrangements. Consider entering a Spouse Maintenance Financial Agreement and discuss with your lawyer.
Property Titles
Be mindful regarding the property titles whether they are tenants in common in equal shares OR joint tenants. The two have different legal implications.
List of financial resources, assets and liabilities
Consult with your lawyer regarding matters if the assets are in joint names, or individually.
Trusts
Discuss with your lawyer if you and your estranged partner is interested in arranging beneficiaries of a trust.
Moreover, contemplate on other practical issues that may arise due to possible change of circumstances after separation.
