What you need to know in the Divorce Process - Property

Everyone must attempt Mediation through a Registered Family Dispute Resolution Practitioner (FDRP) or (Mediator) before going to the Family Court (FCFCOA).

Mediation

  • Allows both parties to find a solution that they both can work with and commit to
  • This process is Voluntary, Confidential, Respectful, Inadmissible (Court) and Mandatory Reporting
  • The Family Dispute Resolution Practitioner (FDRP) (Mediator) writes up the agreement for both parties to review

Property

  • Full Disclosure of all Assets (home, cars, caravan, trailer, boat and equipment), loans, credit cards, investments, overseas monies, and shares
  • Bank accounts (name, Acc Numbers, Owner and Balance)
  • Superannuation name, types and balances and beneficiaries
  • Business values, trusts, Equipment and investments, Profit and Loss Statements, and the last two or three tax returns. (Individuals and Business)

Mediators and/or Lawyers can assist in establishing the total asset values and total debts. The alternative is you take the matter to court and let the court decide.

Superannuation is treated differently as usually it is equalised and a transfer of funds go from one fund to the other.

The cost for a Mediator – Family Dispute Resolution Practitioner would typically be around $8-$10,000 per person.

The cost of a Lawyer and the Family Court Costs would be around $50 – $100,000 plus per person.

Other costs to consider

  • Independent valuations of property, businesses, expensive cars and chattels
    • Home is around $2,000 (independent Valuer) per home
    • Business is more than $5,000 (Accountant)
    • Cars etc use (REDBOOK) and chattels (Second Hand Dealers) can vary depending on the value $2,000 plus
    • All documents will be required as proof of values
    • You will also need copies of Birth and Marriage Certificate, licenses, rates notices, registrations, business certificates, Valuations, and any reports, Payslips, Tax statements

Once the nett asset pool and Superannuation has been established it is then decided on what the asset split between the two parties will be.

This is calculated on the capacities of each party (Financial), the needs of the parties and the children.

This varies greatly to the needs of each party and their capacity, for example it could be a 50-50 split all the way to 80-20 split or somewhere in between. This can be negotiated with a mediator or set by the court system.

Costs for the Property Agreements / Court Orders

Process:

  1. Mediators usually charge around $220 per hour payment upon mediation session
  2. Suggested Legal advice – $500 Plus (Prior to Mediation) depending on the Lawyer
  3. Lawyers Charge around $500,00 per hour – $5,000 initial to put in Trust
  4. Some Lawyers offer pay at the end or pay per block options
  5. Court Filing Fees are initially around $1,100 plus
  6. Ongoing depending on the requirements are around $500 per application

NB: Timeline

  1. Mediation can be completed in as little as 3 weeks – 3 months
  2. Legal and court Process can take as long as 12 months or longer

Costs for the Parenting Agreements / Court Orders

What you will need to do

List all assets
List all Loans
List all credit cards
List the chattels
List Shares,
List investments
List the business, the type and as much detail as possible
List Bank accounts
List Superannuation

Set Out Like This





Create a check List


The more information you can obtain the better off you will be in the long run.

Think about what your needs and those of the children

DON’T FORGET: YOU WILL NEED THIS INFORMATION FOR THE MEDIATOR OR THE LAYER AND DEFINITELY FOR THE COURTS.

Property – What you need to know