Many people attend FDR to discuss how they divide their property pool. FDR enables you to make decisions that suit your circumstances and factor in the adjustments that matter to your family reducing the impact of conflict and cost (including time, expense, emotion, stress, etc.)
The FDR process is a guided process by a practitioner who is able to enable and support transparency, information and knowledge, empowerment and control, informed choices and self-determination. It is important that you select a practitioner who is able to provide this. Also, to make decisions that you are ready for, and that are durable and sustainable.
4 STEP PROCESS FOR PROPERTY DIVISION
- Identification: Jointly identify and value all the assets/debts (including Superannuation). All must be disclosed.
- Understanding: includes consideration of;
- Contributions – Financial, non-financial, direct and indirect
- Future needs and Considerations/Adjustments
- Division – what is just and equitable
- A list of all property owned, and debts owed, by you and your spouse/partner, regardless of who is presently the legal owner of the asset, or legally responsible for the debt.
- This can be an estimate of the current market value if the precise value is unknown i.e.bthe value if the asset were sold in its current condition.
It is vital to make informed and considered decisions. This means get the advice and support you need at the time you need it – this may be before FDR or during FDR (speak to your FDR practitioner about this). This may vary depending on your circumstances. Getting advice once you have a greater understanding of the whole picture and both your perspectives, is valuable.
Legal advice is an opinion and should give you a range of possible outcomes – from best case to worst case scenario. Remember to ask the reasons why. Also remember your legal advisor is your representative, it can be helpful to understand what advice the other party may receive. It is important to know there is no equation that will tell you how contributions are measured and weighed against each other.
Your FDRP can facilitate this decision making process.