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