Looking for a Divorce Kit or Online Divorce? Take the time to obtain expert advice
If you are looking for a divorce kit or online divorce you may be searching for a quick and simple process in which to finalise a divorce. You and your ex-partner may have reached a mutually acceptable property settlement with none or limited custody issues? You may simply need to formalise the agreement?
If you are in this situation, then the cost of divorce can be kept to a minimum and the divorce or separation process can be relatively simple. It’s advisable that any informal agreement is properly formalised with a divorce solicitor, so that it is recognised under the law and your partner can’t reneg on the agreement at a later date and obtain a greater percentage of the property settlement. Remember that the price of houses, shares and other assets in divorce can change very quickly (both increase and decrease) and an informal agreement may come unstuck if it is not formally ratified. Even if you believe that your financial affairs are straight forward, a consultation with a forensic accountant who specialises in divorce and family law valuations can ensure that you have considered all assets (and debts) in the property settlement and that there are no adverse tax consequences arising from the divorce/separation process.
If you or your ex-partner have a business (either as a sole trader, company, or trust) then it’s particularly important to obtain financial and valuation advice. One appointment with an expert forensic accountant in this area can often have a substantial effect on the net wealth of the parties following a divorce. If your ex-partner owns a business they generally have greater access and knowledge about the financial health of the business than you do.
Depending on the situation and the length of the marriage your ex-partner may want to artificially increase or decrease the value of the property. This is relatively easily performed with access to the books and records of the business.
An expert forensic accountant familiar with property settlements will be able to review the books and records of the business and provide a valuation, which can be used to negotiate a property settlement. A forensic accountant will also be able to detect whether there are any adjustments made by your former partner which do not form part of a proper valuation methodology which is acceptable to the Courts.
The use of an expert divorce solicitor and forensic accountant can ensure that your interests are best represented and that you have the best advice throughout the divorce or separation process.
To summarise, if you are looking for a divorce kit or online divorce, we strongly recommend that you take the time to obtain expert legal, and accounting advice. The cost of the advice in most cases is very easily covered with the identification of assets and debts which can change the value of the property settlement and ensuring that the proceeds from a divorce are not unnecessarily spent in increased taxes.
If you would like more information which can help you decide the best course of action following separation, then we would be happy to discuss this with you further on an obligation free basis. Please contact us to arrange a phone or in person appointment.
How Do I Get Divorced?
If you are looking to obtain a divorce then you need to find a solicitor to guide you through the process. Solicitors who specialise in divorce and have obtained specialist accreditation are called Family Law Accredited Specialists. Once you have decided to engage a lawyer you will become their client and your solicitor will deal with the Family Court and your ex-partner’ solicitor.
Your solicitor will ask you to provide various documents. As most solicitors charge by the hour, it makes sense to obtain as much of this information yourself. The types of information you could be asked to obtain include financial information (such as bank statements), and other details about corporate structures, trusts and businesses that you or your ex-partner run. You will also be required to provide details of assets and debts that you or your partner own or owe. Examples of the types of assets and debts that may apply to you include:
Typical Assets In Divorce
- Cash
- Your home
- Investment property
- Superannuation accounts
- Managed Funds
- Shares
- Pensions or other benefits
- Businesses that you either own entirely or a share
Typical Debts In Divorce
- Mortgage on your home
- Mortgages for investment properties
- Personal Loans
- HECS debts
- Credit Card Loans
- Debts to other organisations e.g. tax debts
In many cases, it will be up to you to obtain source documentation and potential evidence about your ex-partners business or other income earning activities. If you can obtain this documentation, it could make a significant difference to the final property settlement.
If you are looking to obtain specific information relevant to your circumstances on how to go about getting a divorce, we recommend that you seek the assistance of a divorce solicitor as soon as possible.
If there are companies, trusts or you or your partner own a business then we also recommend you obtain the advice of a qualified forensic accountant to conduct a valuation. The cost of obtaining a valuation report is in most cases offset by tax and other savings that a forensic accountant can identify.
To arrange a confidential and complimentary meeting in relation to your divorce and property settlement, please don’t hesitate to contact Rushmore Forensic today.