Property Settlements

Dividing assets

The mediators are qualified under Regulation 60 of the Family Law Reform Act to be family and child mediators

Mediation can assist you to work together to decide how to divide or share assets and resources. CRS recommends that you prepare yourself for mediation by gathering the facts and figures about these items before you come to mediation. Some issues require detailed information or advice, which will need to be brought to the mediation session, such as valuations, bank statements or bills.

Couples are strongly advised to seek legal advice before entering into an agreement altering property interests. This is so that you know your rights and responsibilities under the law and have all the information you need to make a fair decision.

Asset types

Assets

  • Real Estate – address, current market appraisal, initial purchase price, total market value (includes financial and non financial improvements such as renovations, painting, landscaping etc.); if jointly owned, the value of your interest in that asset;
  • Shares and debentures – company, number held, total market value;
  • Insurance policies – company, term, policy number, total surrender value;
  • Motor vehicles – make, model nd total market value;
  • Funds – in savings accounts and cheque accounts in banks, building societies and credit unions – name of institution, account number, total;
  • Cash – total;
  • Furniture, furnishings and effects – total value;
  • Interest in any business – name of business, total market value and manner in which business will be valued;
  • Other property and assets

Resources

  • Gross weekly income
  • Government benefits or allowances
  • Superannuation – name of fund, years of membership, total contributions, when benefits payable;
  • Other – interest in any deceased estate or trust

 

Liabilities

  • Mortgage balance: who is going to take of repayments, will bank lend to one person only;
  • Overdraft
  • Credit cards
  • Loans
  • Hire purchase, lines of credit
  • Bills – telephone, electricity, gas

 

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