Separation and Property

You can start to negotiate how to split your property as soon as you separate. The questions that most people ask are who keeps the home? What about superannuation? Who gets the furniture?

In order to keep the family home, you must be able to pay the mortgage and maybe pay your partner some money. The first thing you should do is consult your lender to see whether you can take over the mortgage. If neither of you can afford it then the most likely option would be to sell. If you do keep the family home and the home is in joint names, you don’t have to pay stamp duty on the transfer. Your partner will have to transfer the tile into your sole name. BUT you must have a formal agreement in writing in place drafted by a solicitor. All of your property division can be finalised in the one document. Superannuation is treated similar to property and can split it but you can’t use it until retirement. Boats, cars and other property need to be valued and all debts that you owe. If doesn’t matter whose name the property is in, it still all considered. Businesses can also be valued. Splitting property is not automatically 50-50. There are several factors to consider and unique to you. It is always advisable to get legal advice to determine what you are entitled to before you agree to anything. Mediation can be helpful but again, don’t agree to anything until you have had legal advice. Call to make an appointment for a FREE no obligation meeting!