I'm having a separation with a intention to divorce with my…

Where the relationship has broken down, there are a couple of steps that may be taken. If not done so already, mediation can be used to consider reconciliation through relationships Australia. If that does not achieve an outcome the next step is to consider starting the formal process of financial separation.Financial separation involves having all the assets total into a pool, and then a division is decided upon who gets what percent, for example you may get 70% and your partner 30%. In determining the percentage split all factors are taken into account which include direct and indirect contributions.The aim should be to settle the financial aspect amicably without processing the matter in court whether it be the Federal Circuit Court or Family Court when children are involved.Separation can occur under one roof, which means you do not need to leave the family home.If separation cannot occur amicably it will need to proceed into the court.If you are facing domestic violence you may want to consider have a family violence order put into place your safety.Financial separation involves various aspects with alteration of property interests under section 79 of the Family Law Act 1975. Financial separation will usually take into account four facts:[1] The process will consider the extent of the property of the parties and its value.[2] The process will consider what contributions have been made by the parties, including direct and indirect contributions of a financial character and non-financial character, and contributions to the welfare of the family, including contributions as homemaker and parent.[3] The process will consider the circumstances which relate to the present and future needs of the parties and to their means, resources and earning capacity, actual and potential.[4] The process will consider the effects of points 1 to 3 and resolve what order is just and equitable in all the circumstances of the particular case.Alteration of property interests between separating couples is an emotional and stressful process and seeking help early is important.The first step with financial separation is putting together a list of all the assets, and where you are not sure what they are you will need to do a little bit of investigative work to complete list.Once you have the list ready, the next step is to either commence the process with the forms from the Federal Circuit Court’s website, or with the assistance of a lawyer.If the financial separation process is done on an amicable basis the matter should be resolved within 3 to 6 months.The important aspect of the financial separation process is documenting the division of the assets in a binding financial agreement or by consent orders which can be stamped by the court making it a more solid agreement to end the matter.You have a legal right to protect your interests in this situation.Did I help with your question today ?