Separation: What do I do now?

Separation from your significant other is never easy. You may be feeling overwhelmed, hurt and vulnerable. It’s important to know the immediate steps you can take to make the process of separation easier for you and any children you may have together with your ex-partner.

Separation of Property

If you are wondering what will happen to the home you shared with your de facto partner, keep your wits about you and know that a division of assets may be on the cards.  

Under the Family Law Act 1975 (Cth), any person is in a de facto relationship with another person if you are not legally married to each other, not related by family and have relationshp as a couple (including same-sex relationships) on a genuine domestic basis.

Property includes all assets and debts held in joint or separate names and may include things you acquired before or even after the relationship ends, such as:

• The family home
• Cars and boats
• Household and personal items, such as furniture, white goods and jewellery
• Business and property investments
• Superannuation
• Home loan debt
• Money owing on credit cards or personal loans.

Not all de facto couples have to divide property of the relationship when they break up. However, depending on your situation, this may be the case and any division of assets can be formalised between the two of you without any Court involvement if your separation is safe and amicable.

If you can’t agree though, you can apply to a Court for financial orders regarding the division of property and possibly superannuation and possibly spousal maintenance. You have to arrange for a division of assets within 2 years of you separation.

The Court can order a division of any property you and your de facto own (regardless of whether you own it together or separately) if they’re satisfied of one of the following:

• The de facto relationship lasted at least two years;
• The two of you had a child or children;
• One party made substantial financial or non-financial contributions and serious injustice would result if the order to split property wasn’t made;
• The relationship is or was registered under a prescribed law of a state or territory.
• Superannution – the Court has the power to split superannuation to provide one parter with some of the ex-partner’s superannuation. However, because super is held in a trust and differs from other types of property, there are rules around when assets can be accessed. What this means is, splitting super doesn’t necessarily convert it into cash as it’s still subject to certain rules, which may mean that you might not be able to access the money for a long time to come.

It’s a good idea to think about…

1. What your financial situation might look like after the separation

2. What financial adjustments you may need to make

3. Your will and any other instances (for instance, super or insurance) where you may have named your de facto as a beneficiary.

4. Parenting plans or orders which you will have to arrange with your ex-partner.

For more on your rights after Separation and other Family Law advice, please get in touch with us at admin@allegiantlawyers.com.au or call 02 9518 3853 for a free and confidential  discussion.