Secrets Only Divorce Lawyers In Sydney Know
Separating from a spouse or long term partner is not only challenging emotionally, but also logistically. This is why it is so essential to seek the advice of an O’Sullivan Legal divorce lawyer in Sydney. A separation can be difficult and challenging both emotionally and logistically for everyone involved. Therefore, hiring a professional can help to take some of the added stress away from the process.
The simple truth is that most people don’t know much about the process during a separation, and due to this often make mistakes. Keep reading to find out secrets divorce lawyers in Sydney want you to know about separating from a spouse.
Secret 1: Everything can be divided
As any divorce lawyer in Sydney will tell you, the aim during a separation case is to ensure that both parties leave the relationship with an equal and fair amount of money, assets and property. Oftentimes people believe that assets that are solely in their name cannot be claimed by their spouse. However, legal experts want individuals to know that this is not the case.
The truth is that everything is divisible. During a separation, regardless of who’s name assets, property or finances are in, everything is fair game. So, don’t make the mistake of thinking that a certain asset is safe because your partner has nothing to do with it. This also goes the other way; don’t be afraid to ask for a portion of something just because it is only in your spouse’s name.
Essentially, during a separation, everything is fair game.
Secret 2: Hiding assets is a bad idea
Individuals who are aware that everything can be portioned up between both parties may be tempted to hide or conceal valuable assets. People often attempt to do this with monetary assets to make it appear as though they have less than they do, meaning less will have to be shared. Whilst this may seem like a good idea at the time, divorce lawyers in Sydney want individuals to know that it can have quite serious repercussions. It may feel like you are only hiding things from your soon to be ex spouse, but in reality you are hiding things from the law.
Messing with the law, or trying to find ways out of doing the right thing is never a good idea. It is highly likely that you will be found out. Once you have been found out, it is likely that you will lose credibility with courts and they will likely rule in the favor of your partner.
It’s also important to remember that there are penalties for hiding assets, such as monetary sanctions. In order to avoid this, make sure you honestly declare all assets at the beginning of the case.
Secret 3: Knowing what your biggest asset is can be helpful
Asset division can be incredibly complex, and it can lead to arguments between both parties involved. This is why it is so important to know exactly what you want, and be willing to give up other things in order to keep the asset you want.
Whilst the asset you desire may not have the largest monetary value, knowing what your assets are worth is incredibly important. Specifically, knowing which is your most valuable asset.
Many people believe that their house is their most valuable asset, however, this is not always the case. A divorce lawyer in Sydney will be able to explain to you that oftentimes, your most valuable asset is your retirement fund or pension fund. Don’t overlook these accounts in favor of properties when you are in the middle of a separation.