Separated and Sorting Assets: Can you do it alone?
This is a question we, as lawyers, are hearing more and more frequently, whether it be to save money or to have more control over the process.
The short answer is no. However, there are steps you can take to make the process smoother.
To reach a binding separation agreement on the division of assets, it is a legal requirement that you both obtain independent legal advice. The agreement must be in writing, signed by both parties, and certified by your lawyers, confirming they have advised you on the effects and implications of the agreement.
Beyond being a legal requirement, separating is a stressful and emotional experience. Involving your lawyer early can make the process simpler, less stressful, and ultimately more beneficial.
If you want to resolve as much as possible between yourselves, here’s what we suggest:
- Contact your lawyers first for initial advice on your rights, entitlements, and the steps you should take;
- You and your ex can then discuss between you and see how much you can agree on;
- Contact your lawyer again to say if you have been able to reach an agreement or to let them know where the disputes are. Your lawyer can then assist with the resolution.
If you are not comfortable discussing between yourselves, family lawyers have a number of alternative dispute resolution methods that can assist you in reaching a resolution.
These alternative methods can be more time and cost effective and give you more control over the process:
- Round table meetings. This involves meeting with your ex and your lawyers to negotiate. Having your lawyer present will allow you to be confident in the requests you are making and any compromises reached, while also keeping the conversation productive.
- Mediation is like a round table meeting, but it includes an independent mediator helping to facilitate an agreement between and your ex.
- Collaborative law. Collaborative law is a process where you and your ex and your lawyers agree to work together respectfully, honestly and in good faith to try and reach a mutually agreeable settlement without going to court.
Key Takeaways
- Get initial legal advice to understand your rights and avenues open to you.
- To the extent that you are comfortable, try discussing and agreeing on as many issues as you can directly with your ex.
- Liaise with your lawyer to assist resolving disputes and to finalise the agreement.
- Most importantly, remember that your lawyer is there to help you, so talk to them about how to make the process work for you.
If you have any questions or need assistance with your separation, please contact our family law team.
Special thanks to Partner Amanda Bradley for preparing this article.
Disclaimer: The content of this article is general in nature and not intended as a substitute for specific professional advice on any matter and should not be relied upon for that purpose.
