What to do?
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If it is early days, you may be able to better understand each other's needs and aspirations and even rescue a partnership that is under strain. Consider whether you might both benefit from talking things over with a person skilled in personal relationships.
It has to be acknowledged that a separation causes considerable stress to both partners and often hurt is harboured to such a degree that attempting to resolve property matters and financial affairs becomes a battleground that may otherwise have been avoided by some careful planning and cool-headedness.
Be aware of your emotional state and the effect on your partner. It is the view of this writer that whilst your relationship may be at an end, friendships are to be highly valued and if your separation can be such as to preserve that friendship there is much to be gained for both of you and your future relationships will be the richer for the effort.
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If the partnership is definately at an end, and you already have a formal agreement in place to regulate matters between you, check the provisions to determine what must be done to comply with that agreement and be mindful of any time limitations.
If at the commencement of your relationship you and your partner did not put in place a property agreement, one or the other of you may be significantly disadvantaged in separating your property and in resolving your financial affairs. It is therefore recommended that every effort be made by you both, to negotiate an agreement that you can both accept as reasonable, after considering all the circumstances over the period of your relationship.
If you are successful in negotiating such an agreement, you are advised to reduce this to writing and have an attorney produce a formal settlement agreement, which should include a timetable within which particular matters and issues are to be attended to.
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Whether or not you reach an agreement, it is important to make a list of property that you say is jointly owned by both of you and also any property that you say is owned individually by you or your partner exclusively. Be aware that your partner may take a different view.
If this list can be mutually agreed, it should also form part of the formal settlement agreement referred to above.
If there is any real estate registered in the name of your partner only and to which you have contributed financially or otherwise, as a precautionary measure you should immediately arrange to have a caveat registered on the title to the property to protect your interest.
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If communications have totally broken down
You must seek professional advice from an attorney experienced in such matters.
It will be of immense benefit to your lawyer if you prepare complete details of your property and financial affairs prior to meeting with your chosen attorney. Full names, addresses, dates of acquisition or disposal of property, lenders, values, details of your contribution, whether in money or kind, reference and account numbers, should be readily to hand.
Collect as many papers as possible and make copies of the lot - title deeds to the home, investment properties, share certificates and super fund details.
It is very useful to produce a chronological (in date order) short narrative of the history of your partnership, noting all major events of significance.
Consider:
- whether you may need to take money out of your joint bank account to get you through the first few weeks but it is most important to be fair - if there is $10,000 in an account, take out only $5,000.
- changing the password on your accounts. The last thing you want your partner to do is spend all your savings.
- applying to the bank to change your accounts to two signatories so you and your partner both have to sign.
- organising with the bank to receive all correspondence relating to your accounts.
- securing all your paperwork, preferably away from your home.
on
06 May 2008 at 2230K (GMT+10)
