Separation Lawyer Sydney

Focus on setting yourself up for the future.

If your former partner was the one who took care of the money, you will need to find out how things were organised and decide how you want to manage your finances.

Some things you can do to protect your finances:

• Make a fresh Will and or Enduring Power of Attorney and or Enduring Guardianship.
• If the home is in two names as a Joint Tenancy, alter the same to tenants in common in equal shares, to avoid survivorship provisions operating on death.
• Close off joint accounts-Talk to your bank to establish your own account with your own pool of money, and make sure the other joint account holder can’t access it. Check that your pay is going into this new account.
• Do a financial stocktake – List all your assets, and any debts or joint debts.
• Record your turning points – Note down the dates of your separation. You can use this when you apply for a divorce, as proof that you have been separated for at least 12 months.
• Cancel your redraw facility – Talk to your bank to cancel any redraw facility on your home loan to make sure your debts don’t grow.
• Update your rental agreement – If your name is on the lease then you are liable for any unpaid rent or damage caused by your partner.
• Update your utility bills – If your name is on the account then you are liable for any unpaid bill.

Seek legal advice – From an Accredited Family Law Specialist Solicitor about separating property held in joint names, as joint tenants, taking action, by filing a Caveat, if property is held in your partner’s sole name, to prevent it being sold before the property/financial settlement has been finalised, and update your Will, Enduring Power of Attorney and Enduring Guardianship.