Be as clear, upfront and transparent about the financial split and parenting arrangements with your ex.
Use a balance sheet to clearly identify assets, liabilities and superannuation balances that each person ends up with after the division of finances.
For parenting, use a timetable (weekly or fortnightly) to schedule the change over times and days. You should discuss what happens during the school term, school holidays and other special occasions such as Christmas. Although the principle of 50-50 time with each parent sounds idealistic, unfortunately many parents are unable to commit to a 50-50 time. You and your ex need to sit down and test the practicalities of any parenting arrangement. You will need to factor in travel distance between the parties' homes to the children's schools and extra curricular activities, peak hour traffic, and the parties' work schedules (i.e. shift work or early mornings for tradies). You and your ex could share a Google calendar for the children and import the necessary information. Alternatively there are many useful co-parenting apps online that you can download on your mobile phones.
Instruct a lawyer to prepare Consent Orders and an Application for Consent Orders. Consent Orders are binding orders that the parties wish for the court to make and it can include property, parenting, and spouse maintenance. An Application for Consent Orders is a form that you and your ex must complete. It includes details about your finances such as bank account balances, superannuation entitlements, real estate and motor vehicles, credit card balances, personal liabilities etc. It can be a tricky form so you may need to engage a lawyer to assist you in that process.
The Court will consider whether the proposed parenting orders are in the best interest of the children, and whether the proposed property orders are appropriate according to the 4 step process. In a nutshell, the 4 step process in assessing property entitlements in family law are:
Identifying the pool of assets
Contributions (financial, non-financial and home maker contributions of each party)
Adjustments (factors under s75(2) or s90SF Family Law Act such as as the party's age, health, earning capacity, care of children etc.)
Just and Equitable Factor
For property, you and your ex should provide the other person with your financial disclosure documents which are essentially documents proving your financial position for the last 2 years. The parties have an obligation to disclose documents to each other. This will ensure that the parties are upfront and transparent so that they are entering the agreement with full knowledge of the pool of assets.
A lawyer cannot act for both parties due to a conflict of interest. Therefore a lawyer can only act for one party. The parties do not need to have lawyers to file an Application for Consent Orders and Consent Orders. However it would assist the parties if a lawyer prepared the documents. It will minimise the risk of a Registrar of the Court in making any requisitions which is a fancy way of saying the Court asking further questions about the documents if they are not prepared properly.
You could also consider a Financial Agreement to deal with the split of assets, liabilities and superannuation balances and spouse maintenance (if any) if you do not wish to enter into Consent Orders. You will each need independent legal advice from your own lawyers about Financial Agreements.
There are other issues that you may need to also discuss and negotiate with your former partner/spouse such as child support, spouse maintenance and estate planning.
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*** Disclaimer:
Information on this website or post does not constitute legal advice and that electronic dialogue with readers does not constitute any form of client engagement unless specifically agreed.
The information is provided on a general basis only. We strongly recommend that you seek your own independent advice from a lawyer about your situation.
If you have further questions, please contact us on 0432 010 907 for a complimentary 30-minute initial consultation.
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