| A matrimonial divorce settlement is NOT an | | | | same mistake is sometimes made when it comes |
| exact science. If a financial divorce | | | | to the marital furniture and effects. They |
| settlement was a straight mathematical | | | | are usually secondhand (even if only recently |
| equation, we wouldn't need courts and lawyers | | | | purchased) and therefore are not worth a lot |
| to resolve matters. Courts are usually | | | | of money. For example, the fridge that you |
| required, under Family Law legislation, to | | | | paid $1,000 for new may now only worth a few |
| take into account a range of factors in | | | | hundred dollars. Keeing the bulk of the |
| deciding who gets what. Too many women | | | | furniture (if it is in good condition) will |
| settle for a 50% split of the matrimonial | | | | avoid you having to pay a lot more money to |
| property WITHOUT taking into account matters | | | | replace it.Property settlements may sometimes |
| such as significant disparities between what | | | | be amicable but this does not mean they are |
| your husband earns and your own weekly | | | | fair. Do not accept the inflated financial |
| monthly income and any restrictions your age | | | | values your husband is likely to put on |
| or health might have on your capacity to earn | | | | property that you want to keep and the low |
| income.Another mistake is letting the other | | | | value he's likely to put on any property he |
| spouse retain the matrimonial home EVEN IF | | | | actually wants to keep.It is surprising to |
| you have the ability to buy him out. Real | | | | find women (and sometimes men) arguing over |
| estate property has a habit of increasing in | | | | the little things. By this I mean, fighting |
| value without you having to do anything. If | | | | for items of little financial worth. It's |
| you pass this up and your spouse pays you out | | | | pointless paying hundreds of dollars in legal |
| then the problem often is that you don't then | | | | fees disputing who is going to get a $50 |
| have enough money to purchase a property of | | | | wedding vase or a $150 stamp |
| your own. Deposits, stamp duty, legal fees | | | | collection.Another mistake is overlooking |
| etc. can put buying another home out of your | | | | other assets such as boats, trailers, |
| reach. You're left paying out dead money in | | | | machinery, pensions, retirement funds, |
| rent.While not as common a mistake, some | | | | stocks, shares and life insurance as |
| women will seek to keep the matrimonial home | | | | matrimonial property and/or financial |
| when they really CAN'T afford to financially. | | | | resources.Too many women believe that if they |
| If buying out your husband's share in the | | | | go "soft" on their property settlement |
| house is going to involve you taking out a | | | | entitlements, their husband will be easier to |
| big loan, you need to factor in the monthly | | | | deal with as regards the children. This |
| loan repayments PLUS outgoings such as rates, | | | | approach rarely produces the desired result. |
| building insurance, public liability | | | | The only real outcome usually is that your |
| insurance and general maintenance costs. Only | | | | spouse perceives you to be weak.Another very |
| then will you know whether or not you can | | | | common mistake is seeking divorce financial |
| actually afford to keep the house.Failing to | | | | planning advice from a lawyer instead of a |
| take other matters such as alimony and child | | | | financial planner. What do lawyers know about |
| support into consideration BEFORE agreeing on | | | | financial planning?Some women get sucked into |
| a division of the matrimonial property is | | | | believing that by reaching an informal |
| another problem. These are NOT matters that | | | | agreement with their husband that is legally |
| should be dealt with in isolation.It is the | | | | binding. It isn't - even if it's written down |
| current value of property that is taken into | | | | and both parties have signed it.Finally, too |
| account - not replacement value. This means | | | | many women simply give in to their husband |
| that if the family car is worth $10,000, it | | | | because that's what they've always done. Now |
| is often better to keep it. Too many women | | | | is the time to stand up for your self. You |
| find themselves needing a vehicle to get the | | | | are facing separation and divorce, which |
| kids to and from school, football training | | | | means that more than ever before, you need to |
| etc. and having to spend twice what the | | | | be primarily concerned with your financial |
| family car was worth just to replace it. The | | | | future! |