A year ago there were half as many divorces as there were marriages. For the marriages, more than one third included a remarriage for one and both partners. While marital life seems to be out of manner, chances are that the statistics to get de facto relationships are found as bleak.

Under present legal requirements, if a relationship has lasted for at least three years, the 2 main parties have equal privileges to the property unless they may have previously entered into a contracting out agreement for any division of property.

Joint lender accounts and credit cards might be a source of trouble, particularly if all the split is acrimonious. Generally, if your bank is made alert to the separation, it will stop joint accounts until an agreement is reached. That will prevent one partner possibly absconding with the bank account proceeds or running up large credit card debts.

Choosing which assets to keep and also sell and how to split the retained assets needs careful consideration. Living costs are higher after a separation, thus before you commit to taking on the family home and mortgage, prepare a new budget.

Gifts, personal solutions such as jewellery or fashion, and inheritances that have in no way been mingled with several other property should not be included within your list as these are certainly not usually considered to be relationship asset. For some assets, such as your property or business or wonderful items such as artwork or antique furniture you may need to pay an independent expert to provide a valuation.

Similarly, your debts should be valued in terms of the current balance left to pay. Your list includes the value of insurance policies, investment strategies, superannuation schemes and business owners owned as well as your house and contents, vehicles and loan company accounts.

It is much easier to make good decisions regarding your money when some time provides elapsed and emotions get settled. Depending on the complexity with the affairs it can take several months or simply years to reach a final deal of your financial affairs, particularly if one party is unco-operative. Don’t forget to update your can as a separation or divorce does not override its items.

To avoid arguments about dividing bank account income, you should keep an accurate listing of all financial transactions after the separation date and right up until a settlement is agreed. If you choose to take a cash payment out of your partner as part of your settlement, use it into a short term deposit since you consider your options.

Separation and divorce happen to be traumatic and highly emotional events but somehow, practical issues such as what happens to the kids, the house and the funds need to be sorted out. If you in the process of separating and contemplating separation there are some actions that will make sorting out your financial affairs a lot easier.

The starting point is to develop a list of everything you own and everything you owe as with the date of separation. Ones assets should be valued for what they are worth in the date of separation, not really what they were purchased meant for.

While it may be good for the children to stay in the family home, it may be unaffordable. Avoid getting in a rush to cash up insurance policies or investments devoid of checking on how much you will drop by way of accumulated bonuses and withdrawal fees.

There might also be penalties associated with early refund of debt (eg house loans and personal loans). After you have agreed who will own which inturn assets, make sure the ownership transfers for your major assets are completed properly by notifying the relevant authorities or in writing.

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For some people, heading into a new relationship might be firstly on their minds, for others it is the last thing. Whatever the case, find some good legal advice on how to best protect your now halved assets in future relationships, otherwise you may find them appearing halved again!