Once the decision has been made to terminate a marriage, practical decisions like the division of assets acquired during the marriage arise. To ensure that both parties walk away with a fair share of their contribution during the partnership, several practical steps need to be taken.
Whether you have decided to negotiate the asset-splitting deal through your respective lawyers or have mutually agreed to work out the asset division yourselves, here are some things to consider.
Once you have chosen the route of splitting your assets based on a mutual decision, it’s best to try a separation asset division calculator like Dekindle to help you work out dividing assets down to the dime.
Don’t delay in getting down to the practical side of things. Download your Dekindle form or register as a member to start the process. Here are some things to keep in mind while you do that.
5 Key Things To Keep In Mind When Dividing Assets During Divorce
Identifying All The Assets. The Operating Word Being “All”.
Arguably, this is the most time-consuming and difficult thing to do. Trying to identify every single thing that both of you brought into the marriage at the start and acquired during the course of the time spent together will be very difficult.
A few of the most notable assets include the family house, holiday homes, rental properties, vehicles, superannuation benefits, furniture, jewellery, art, and personal clothing.
Businesses set up during the marriage also come under scrutiny and should be evaluated by an independent appraiser. Stocks and investments also come under the radar, as do personal debts.
Keeping Children and Their Care At The Forefront
It’s important to split assets in a way that children are not disrupted in their regular routines. It’s best to decide who gets to keep the family home, how time with the other parent will be accounted for, the earning capacity of both partners, and other expenses related to the children.
The Dekindle separation asset division calculator allows you to factor in expenses related to children, ensuring the partner caring for them is compensated fairly.
Never let negative emotions cloud your better judgement. Put the kids first, and do your level best to ensure some semblance of stability for them.
Personal Habits Will Be Investigated
If, during the marriage, you were a heavy spender and indulged yourself extravagantly, it could impact the percentage of the asset split.
Partners with excessive personal habits, like frequent and lavish spending, partying, holidaying, or indulgence in drugs and alcohol, could find themselves losing a fair bit of the property settlement. It’s best to be honest about this with yourself so that Dekindle’s divorce calculator can suggest an accurate figure that reflects the impact of your choices, which will be cognizable under Australian law.
Better To Hurry Than To Let Your Emotions Get The Better Of You
Most people delay looking at practical matters once a long-term relationship like marriage is over. When all the bridges have been burnt, why should you look at the debris and weep? Instead, it’s time to look ahead and prepare for the next phase of your life.
Property settlement is an important part of the divorce, and it’s best if you understand how necessary it is to hurry things up rather than sleep on it. A separation asset division calculator is there to help you get things in perspective regarding your finances and the future.
View The Present Through The Lens of The Future
It’s necessary to prepare ahead, and getting a fair share of assets gained during the property settlement process can certainly help you.
Try to look at the future through the lens of the present circumstances. You will need to provide for yourself, and if you were not earning a living previously, you will need to fix your income sources. A divorce calculator will give you a near-accurate idea of what you are likely to get from the split, helping you to begin financial preparations for the coming days.
Tying Up Loose Ends…
Divorce can be quite an emotional upheaval, but being practical and tying up loose ends can help you take one step towards a brighter future.
Dekindle’s separation asset division calculator is just the tool you need to get you started on your journey toward a post-divorce life.
Spare yourself thousands of dollars in lawyer’s fees and arrive at a distribution that is fair and works for both of you.