What You Need to Know About Settlements
OK, So What's Next?
You have get clear about what your assets and liabilities are.
It's not hard - just write them down. Assets first, then liabilities. Put super and/or pensions in their own separate list. Add Assets plus Super minus Liabilities to see your Total Net Wealth as a couple. That's what you need to divide.
Think about your own future needs and those of your children.
Remember that needs are not the same as wants. Neither of you will be able to enjoy the same financial quality of life now you're separated - it simply costs more to live apart than in one household.
So you may need to "recalibrate" your expectations to match your new reality.
In light of what you've learned, decide what you think is the right ballpark outcome that you'd be OK to accept.
Don't pin it down precisely, because the final deal you're likely to get isn't a matter of precision. It's going to be a balance between what you "need" (or want) and what your former partner needs (or wants). For certain you will both need to compromise at least somewhat. Right now you just need a ballpark.
But note this before you firm up your view, because this is critical:
If you are still thinking you "should" get a split of wealth outside the 50/50 to 65/35 range, then you need to be able to list some very specific and highly unusual facts in your situation. They should be facts that are different from the 98% of the population who do fit within the range.
If you really are that unique, then stick to your guns. If not, it's likely you're not being reasonable or realistic, and it's likely that reaching a settlement will be a long and slow process!
Now take a deep breath and decide if you really think you can talk this through with your ex.
Divorce Partners provides a highly efficient divorce settlement service.
We help couples settle their divorce rapidly and amicably, creating solutions that are both pragmatic and fair.
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