There are some important issues to consider following separation!
Going through a marriage or relationship breakdown can be a very distressing time and most often our clients find it difficult to think clearly. There are some important issues to consider following separation.
It is important to compile details in relation to your relationship, including assets, liabilities and financial resources. This will assist your lawyer to provide advice based on your individual circumstances.
Some issues you will need to consider –
Joint Bank Accounts
Firstly, yourself and your partner should take stock of your bank accounts. Most married couples have a joint bank account which either you or your former partner are able to access without the authorisation of the other. Any joint accounts should be closed immediately and any redraw or offset accounts be given consideration as to the requirement of joint signatories for transactions on the account.
Ownership of the Matrimonial Home
Who is the owner of the matrimonial home?. Is it in your name, your former partner’s name or is it held as joint tenants or tenants in common?. All of these scenarios hold different legal implications and affect your situation during a property settlement.
Do you have a Binding Nomination on your Superannuation naming your former spouse as a beneficiary. You will need to give this some thought and contact your Superannuation Fund to make any necessary changes.
Other issues you may wish to consider –
Do you or your partner have any interest in any companies or trusts? Are there director’s loans? Have you provided a personal guarantee in relation to any company liabilities? Are you a Director or Shareholder of any company or trust? Financial statements and tax returns for companies and trusts will need to be provided or disclosed so any orders can properly deal with these interests.
Wills and Powers of Attorney
You will need to review your Will to ensure that amendments are made to reflect your change in circumstances. Should you have given your former partner Power of Attorney on your behalf, it is important that you seek legal advice in order to have a revocation of any such Power of Attorney. For more information about Wills and Estate Planning, visit https://brazelmoorelawyers.com.au/our-legal-services-gosford/deceased-estates-wills-gosford/
If you are going through a breakdown of your marriage or you are separated and would like to know where you stand, Call Amelia Cox, Family Lawyer on 4324 7699 for a free no obligation chat on the phone.
If you would like to attend our upcoming Seminar visit https://www.familylawgosford.com.au/family-law-blog for more details.