Step One of The Four-StepProcess
If you are going through a separation or divorce, you will no doubt havequestions around how to divide your property.
In Australia, we have what is called the four-step process, the first step isabout working out what property there is to divide between theparties.
The starting point of any property settlement process is toassess what the property pool actually is in order to decide what thedistribution to each party will be.
It is not until we know the true value of the property pool that we canconsider any of the other three steps in the four-step process. Moreimportantly, if the true property pool isn't known, it is impossible to assessif an outcome is just and equitable.
Often in a property settlement, the true values can beunknown and if that is the case, it is a good idea to seek advice from a familylawyer and get full and frank disclosure from the other side.
Listen to the podcast as Caralee breaks down exactly whateach topic means for you:
1. The property pool is ALL assets, ALL interests and ALLliabilities held by the parties;
2. It doesn't matter how the property got there, and itdoesn't matter where the property is located;
3. Disclosure might be needed to verify things such assuperannuation etc; and
4. Independent valuations may be needed.
We hope you find this podcast and the series helpful.
Remember, you've got this!
