Tips for a Property Settlement MediationNick Richards FDRP LL.B MBA GDLP DMgmt MQLS
These are the common property division issues in Australian FDR mediation sessions. Taking the time to plan your mediation can pay dividends.
It is important to ensure that you have prepared an opening statement to clearly communicate to your former spouse why you are attending mediation and what you would hope to get from the mediation. Now remember anything in FDR is confidential (subject to certain provisions) so this is where you can open up in an open environment to communicate that you want to reach an agreement.
Based on the statistics on divorce and separation in Australia and our experience in FDR, we’ve created a handy guide of things to think about when planning for your upcoming mediation. This list is not exhaustive and may not suit many people as everyone’s circumstances are different, however these are the common issues that we see on a day to day basis.
Feel free to use this in preparation of your upcoming mediation with us.
Understand your entitlements
Do I clearly understand my legal entitlements with respect to assets and liabilities? Speak to your lawyer.
Review of financial affairs
- The following is a list of all assets.
- The following is a list of all liabilities.
How will we deal with the following liabilities?
- Taxation (income, capital gains, trust distributions)
- Stamp duty implications
- Credit card debt
- Mortgage balance
- Car loans
- Personal loans
Consider effect on children with asset division
Assets you need
Also consider any importance/sentimental value to you.
Assets the other party may need
Also consider importance/sentimental value.
- What is the best outcome?
- What is the worst outcome?
- How do you expect the court to deal with the property should you not settle privately?
Asset split and effect on children
Do we need to discuss any other matters that may affect the children?
- Household Contents
- Family home
- Financial Instruments
- Family Trust Assets
Formalising the agreement
- It be a general agreement;
- Will it be a Consent Order.
Consider those involved in parenting orders or those involved in selling or refinancing assets.
Have you thought of the parties you’ll need to inform if an agreement is reached?
NOTE: The above is not legal advice and is for informational purposes only.