DIY Separation Agreement FAQs
Call Us On: 0403 595 422
Why do I need a financial separation agreement?
Any long term couple in a separation process should consider protecting their best interests both from a financial point of view and with regards to their general well-being and happiness. Your former partner's best interests and protecting the best interests of any children from the relationship will also need to be addressed. This requires negotiating a joint financial separation agreement that could be easily settled by actioning an old fashioned, flexible, verbal handshake arrangement, but the couple needs to be realistic and be aware that when trust breaks down in a relationship documenting agreed terms in writing is the best way to avoid future disputes.
Resil's DIY separation agreements assist you with this process and can save you substantial time and money. Plus we want you to be confident enough to control the process, it's your life, not your lawyers, a court judge or any other court approved officer.
Also Resil's separation agreements can be easily amended in the future if there are significant changes in the couple's circumstances and the previously agreed financial agreements are no longer fair and reasonable.
How do I deal with a marriage dispute?
When there is no likely chance that sometime in the future you will rejoin with your former partner, you will need to deal with your marriage dispute and attend to separation matters.
Resil's services can help you with informal separation agreements that protect you and your former partner and avoid a costly legal process. You can reach a happy medium via mediation procedures that address the separation issues of the financial split of the asset pool, child support and child care arrangements, and spouse maintenance. Resil's services will also assist preparing you for the alternative legal separation solution by documenting your circumstances and intentions, which could save you a considerable amount of money in briefing a family lawyer.
The divorce process via the courts will formally and legally end your marriage and resolve your dispute.
Who are suitable couples for Resil’s services?
Our DIY Separation Kits are applicable to Married and De Facto couples in Australia and will assist any couple looking to separate or divorce.
What happens to our assets during the separation process and how do I fund my weekly living costs?
Best to ensure that you both have access to enough cash each week to live from your joint asset pool. Then freeze and place on hold all other surplus bank accounts and property assets held both individually and jointly until the division of your financial assets is negotiated, agreed and documented. Also arrange for your salary income to be deposited into a bank account only in your name. Stop using joint credit cards and setup new credit cards in your own name.
When should we start the financial separation of all our assets and liabilities?
Separation can be an extremely emotional time for some, so generally there is no hurry to deal with the division of all your property and assets, you need to consider it together as a couple when you are both ready.
What timing should you consider for the division of your joint assets via a legal Divorce or a legal De Facto separation?
Please note that there are time limit requirements for applying to the courts for divorce settlements. We suggest you also seek independent legal advice should formal divorce be your preferred course of action.
When do I need to formally and legally divorce?
A couple should think very carefully about this question. The formal divorce process can be a costly legal exercise.
If a couple are looking to treat each other in a mature, fair and reasonable way, then a couple's need and the financial risk of not formally and legally divorcing is greatly reduced. Resil's services assist partners who take this separation path and always leaves a future legal divorce open to couples, who for instance may have now found a new partner and are ready to remarry.
How to pay for Resil's upfront fee?
Prior to receiving our PDF or Word documents, along with a tax invoice for each separate stage of service, you will be required to make a payment for Resil's services to us via one of the following alternatives:
- Print out and complete our attached credit card payment form below, scan and email to [email protected] for processing
- Please attend to an EFT payment to our Commonwealth Bank account in the name of Resil Pty Ltd BSB 063162 Account Number 10605332 and email us instructions to proceed with Stage 1 or Stage 2 services to [email protected]
Will all your personal information remain confidential?
You can be assured that your personal and private information will be safeguarded as we are bound by the ethical standards of the Institute of Chartered Accountants in Australia.
When you forward information to us, our highly ethical staff hold such information in the strictest of confidence. Documentation and data is stored either in a secure compactus room and/or on file servers (all loaded with the latest antivirus and security protocol software) that are located and maintained on our premises.
What information should each partner disclose?
We believe that you have a duty to disclose all information that is relevant to achieving a fair and reasonable separation settlement with your former partner and that your approach should be one of open honesty and transparency.
If you have a disagreement on property and asset valuations what should you do?
You may find that each partner has a different view on the estimated current value of some of your joint assets, especially property like the family home. In these circumstances we suggest that an independent current valuation is obtained to assist your mediation process. Myrpdata.com.au might be a good low cost independent valuation provider for property assets for you to research.
What if my net asset position is greater than $2 million?
We believe that our services are also suitable to a couple whose net asset position is above $2 million. If this is the case in your circumstances, we need to highlight that due to potential additional complexities our low cost pricing may be required to be increased. In this situation we will contact you at the start of your engagement with us and seek your approval, and in the rare case that your approval should not be granted our service guarantee will refund any fees you have paid us in full.
How do I transfer my share of ownership in the family home to my former partner?
One of the agreed actions between yourself and your former partner in splitting your joint assets maybe the transfer of all or part of your share of ownership in the property used as the family home or principle place of residence. The transfer process generally requires the services of a property conveyancer or solicitor. We suggest that you research the option best suited to you and if you are looking for an online legal service provider we are happy to provide you with a referral.
Will the transfer of ownership of my family home between spouses trigger any government charges or tax implications?
As we do not know your personal circumstances we can not advise you on this question. We suggest that you seek advice from your accountant or solicitor. We do note that as a guide only it is possible that the transfer of the family home between spouses, depending on the particular laws of each Australian state, is exempt from government stamp duty on property transactions, and it is possible that any potential capital gain triggered from this asset transfer will not be subject to capital gains tax.
How to provide customer feedback?
We welcome any feedback you may have on using our website or services. Please email [email protected] or give us a call on 0403 595 422.