Video Transcript:

Hi! Welcome to Video 4, of Module 5: Divorce and the Assets. My name is Leanne Abela. I'm a Partner and Director of Pearsons Lawyers and if this is the first of the videos you've seen in the series, I'd recommend you go back to the beginning and have a look at all the videos in our series, so that you can see how it is we've got to this point and what the relevant factors are.

Now, you can look at all of our videos on the Pearsons' YouTube Channel or on the Pearsons' webpage. If you've already done that, then you're ready to begin.

In this video, we're going to look at the most commonly asked questions in property matters, or questions people come in and ask us, when they're not sure what the relevant matters are in their property case or how they should now act or what they should discuss with their partner.

So, what are some of those commonly asked questions? Well, in the thousands of cases that we've done, we find that one of the first questions that people ask is, "When should I start? When should I start to look at the assets and what I should divide? Should I wait 12 months? Don't I have to wait 12 months to get a divorce?"

Well, this is a bit of a misconception. You only have to wait 12 months to get your divorce, but, in fact, most people do their property division before they're divorced. When can you do your property division? Immediately. You can do it as soon as you are ready to divide the assets.

So, we've already discussed what those assets are. With that information, you now know that you can start obtaining your evaluations and start talking to your partner, or through your lawyer, how you will divide those assets. There's no need to wait.

Another question, which is commonly asked, is, "Who gets to keep the family home?" Well, although there's not one definitive answer, in most cases, the person who has the primary care of the children, or the substantial care of
the children, gets first choice at keeping the family home.

Of course, they don't get it for free. They're going to have to pay for it and it's going to be taken into account in the entire asset division, but, if between two of the parties, only one of them can have the house and they both want it, it'll be the one who has the care of the children.

So, what happens if there are no children and both parties want the property? More often than not, it'll be put to sale or auction and both of the parties can bid for it.

Another commonly asked question is, "What happens to the kids' accounts? Surely, my partner won't take that into account in the ledger!" Well, unless your partner agrees, children's accounts are taken into account and included in the asset pool.

However, in my experience, it's more often common for people to say, "Look, let's exclude them and use them for the children's education or give them to the children, once they reach a certain age, maybe to buy their first car or to travel or as a kick-in to their HECS fees or something." This is a matter that the parties can agree upon, but if they don't, it'll be included in the asset pool.

Another question: Do I have to go to court? Well, the answer is no, you don't have to go to court. Parties can often reach a resolution themselves and either finalize that in a binding financial agreement or in consent orders, which are mailed to the court or delivered to the court and approved, without you or your lawyer having to go to court. It's a very quick, efficient and very inexpensive process but it gives you the security and peace of mind that the orders have been ratified by the court and that there's no comeback in the future.

You can look at further videos in our series, that will explain to you the difference between a binding financial agreement and a consent order and that will tell you the different processes available to try to settle your
case, or to give you your final conclusion.

That's it for this video, so if you're ready to proceed, move on to Video 5, where we'll give you a range of the percentage split you can expect to receive.

All our videos in this Youtube series can be found through the Pearsons Youtube Channel at http://youtube.com/pearsonslawyers or by visiting the Pearsons website at http://pearsonslawyers.com.au and following the links.

Alternatively, if you know that its simply time to see a Family Lawyer, please contact us for a free initial consultation. Please be advised that we must complete a conflict check so that we can only represent one party in a Family Law matter. So if your partner is watching this same Youtube series and engages our services before you do, we advise that we may not be able to talk to you.

Whatever it is that you choose, its our wish that throughout this Youtube series, you can finally gain a sense of certainty so that you know where you stand.

 

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