What to do with the house when love walks out the door

10 Nov What to do with the house when love walks out the door

THANKS to Gwyneth Paltrow, conscious uncoupling is the latest buzz phrase to hit the going-solo scene. If we can believe the professional gossips, it was only days before ex-hubby Chris Martin and Gwyneth split, that they bought a home together in Malibu where they’ll both sometimes live in with their kids.

But that’s Hollywood and this is the land Downunder; so whether you’re consciously uncoupling or playing out the War of the Roses movie from your respective battle stations, you’ll both need a down-to-earth approach to bring closure to the financial life of your relationship. At the start, you need to know where you stand.

The Family Law Court approaches dividing assets and debt the same way whether you are divorcing or separating from a relationship.

Obviously, less stress and expense is the sensible person’s path, but disagreement, extenuating complications and let’s be real –– animosity –– can turn this part of the uncoupling journey into a rough ride to the bitter end.

Enter Relationships Australia: You may have already heard of them. They’re specialists in guiding ‘uncouples’ to conclude their relationship so that collateral damage, particularly to children, is minimised or non-existent. And they’re experienced in helping people towards out-of-court property agreements too.

Relationships Australia believes negotiating your own mutually acceptable property agreement is the top way to finalise the cash, assets and liabilities you have acquired during your relationship. With their help you can finalise a Relationships Australia property agreement, which is a document that illustrates the division of you and your ex partner’s property.

The organisation reminds visitors to their website, that property held in your name prior to the relationship or property you have acquired since the separation could be included in the division.

But your first port-of-call should be a discussion about your financial circumstances and probabilities.

I am not a solicitor and I don’t offer legal advice, but I’m often approached by established clients for help during this critical time, where every financial option possible has to be put up for discussion and consideration.

If you find yourself in this predicament, I can provide you with a range of options, which may include refinancing with a lender suited to your situation. Our business bears in mind that aiming for a speedy resolution is helpful for all concerned, especially children.

If you need to know how I can help you move forward financially after a relationship breakdown call Kelly & Co Financial Services on 1300 54 94 54