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