Family law financial matters can be tricky and very personal. So, you must make a decision very carefully.
Before you decide on making an offer for a settlement, you need to have all the essential documents in one place. If you manage your money well, this should not be difficult. However, in case you are not used to managing money, then let us guide you.
Take the time to collect the documents mentioned below. This will provide you with more clarity and a better understanding of your current financial position.
How To Make An Offer In A Family Law Financial Matter?
Initial Documents To Take Care Of
- All your tax records, including file numbers and tax returns
- Bank statements of savings and transactions
- Every insurance policy, including your life and income protection, and health
- Internet, gas, mobile, and electricity bills
- Your partner and your superannuation accounts
- Credit card and store credit bills
- Share dividend and management fund statements
- Property papers including all your property deeds, mortgage, and loan papers
After you have the above documents, decide upon a budget that involves your entire expenditure and add this to your income. When you have a full understanding of this, make an offer to divide the entire property between you and your partner.
5 Steps To Take To Work Out The Offer
Step 1: Ask Questions
There are a few questions that you need to have clarity about. This involves finding the value of all the assets that you own and seeing if they have any debt attached. Then you will have to figure out who is preferred to maintain the debts.
If there are loans, there has to be an agreement as to how they will be paid. Next, you will have to figure out the name that will be attached to the debts.
Step 2: Creating A Balance Sheet
Take all of the information you collected from the previous step and put them together in one place. We suggest creating a balance sheet for this.
Step 3: Identifying Assets
You can now find the assets that you wish to keep and if they have any associated debt. If there is, think about whether you can afford to pay it off. You might also have to pay an amount to your spouse to ensure ownership of some property.
Step 4: Appointing A Lawyer
Now you need to find a good lawyer who can look at the details and ensure there is a proper division of assets. Ask them about the stipulated period and money that will be needed for the entire process.
Step 5: Contacting Your Spouse
Once you discussed everything with your lawyer, get ready to have a discussion with your spouse. Have your solicitor present so that there are no erratic decisions made.
If an equitable outcome is decided upon, then the division can be made quickly and at a cheaper rate. As such, you and your spouse will not have to go to court either. Follow these steps carefully, and you will not be facing any problem while making an offer. Until next time!