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To Avoid Anxiety Take Action After You Separate.
There are some things you should consider doing immediately upon separation where your actions if swift enough can allow assets to be protected and avoid a lot of stress and anxiety in time to come.
From time to time we all hear stories of the person who goes to work in the morning as usual and returns home to find that their spouse or partner has left them and removed everything of value from their home, perhaps leaving a note or a message on the answering machine! What should you do if this happened to you?
1. You should find out if you hold your property as joint tenants or tenants in common and if necessary “sever the Joint Tenancy”. In a nut shell if you and your spouse or de facto partner hold a property as joint tenants it means that on the death of one of you the other one becomes the owner of the whole property regardless of the terms of the deceased’s Will. Severing the joint tenancy prevents your portion automatically passing to your estranged spouse or partner. Instead it will pass according to your Will.
2. If your property is registered only in your spouse’s sole name then you may consider registering a caveat on the title of the property. Once a caveat is lodged it effectively prevents the other party dealing with it so that they will not be able to sell it or further encumber it without notice to you.
3. If you know that your spouse is selling assets against your wishes you may need to obtain an injunction from the Court to prevent the sale.
4. You should check with the bank if you have any joint accounts or a joint signatories to any accounts. If you tell the bank you are separated you can request that they not allow any withdrawals from the account unless both of you sign if it is a joint account.
5. If you and your estranged spouse or partner are in business you could consider having accounts frozen. You may need to change passwords and PIN numbers on cards, accounts and making sure all internet banking details are amended. You should take action to prevent your estranged spouse or partner incurring debts in your name.
6. If you have made an appointment of your spouse or partner under a power of attorney or enduring guardianship you should revoke these documents.
7. Separation does not affect a Will, so if your Will benefits your spouse and you no longer want that to happen, then you should consider reviewing your Will.
8. You should seek legal advice regarding your rights to occupy the matrimonial home, about your rights to take possession of other property such as motor vehicles, household items, pets and your rights in respect of any children of the marriage.
9. You should also review any nominations you may have made in your Superannuation and insurance policies.
Separation is a highly emotional time. The actions suggested in this article may be quite confrontational.
Even so they must be considered as appropriate action taken without delay can assist in the negotiations of an equitable property settlement, and could save many thousands of dollars.
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