Here are the 5 most common myths that can impact your decision making when trying to negotiate your property settlement and parenting arrangements.
Myth 1: The wife automatically gets the house
This is one of the biggest myths that we hear. There are no rules that determine who gets what asset in a property settlement.
If you want the house and you can afford to take on any liabilities associated with it, then at Mediation you can put that forward on your wish list.
Myth 2: Superannuation is not included as an asset
Again, this could not be further from the truth. Superannuation is included as an asset and is available to be divided as part of a property settlement. In fact, in some cases, the only asset that is available to be divided is the superannuation of the parties.
So make sure that you know the balance of your super fund for Mediation as it will be included in the asset pool and then you can talk about who will keep it or whether it needs to be split on the day.
Myth 3: The mother will automatically get primary care (custody) of the children
When considering future parenting arrangements, the starting point is for the children to spend time with both parents on a week about, shared care basis. If the children are very young or it is not reasonably practicable (ie the parents are not within a reasonable travelling time or one parents works substantially more than the other) then consider the children spending significant and substantial time with each parent during the week and on the weekend. This might look like a 4-5 nights per fortnight arrangement.
Again if that isn’t practical then Family Mediation is the place to brain storm options that could work for you both as well as the children.
Myth 4: My spouse and I have already decided how to divide our assets, we don’t need to document it
While it is fantastic that you and your spouse have reached an agreement as to how to divide your assets, unless it is recorded by way of Consent Order or Binding Financial Agreement, then it is not binding on either party and either party can change their mind without which may mean someone gets to double dip.
If you and your spouse have reached an agreement, Family Mediation Station can draft the documents necessary to make it binding on both parties (ie enforceable) but may also assist in saving stamp duty on the transfer of properties, as well as including provisions on how to effect the agreement if things go wrong or one party changes their mind. We draft these documents on the same day as your Mediation for a fixed fee.
Myth 5: Everything is in my name so my spouse is entitled to nothing
Just because the title to the property is in one persons name, does not mean that the other person is not entitled to that asset or a portion of it.
If you were in a marriage or a defacto relationship then all property no matter whose name it is in goes in the pool and Family Mediation will help you work out how to divide that pool.
So there you have it. The top 5 myths that can affect your Family Mediation.
Call Family Mediation Station today on 1300 491 777 to book your Family Mediation so that you can get on with your life.
