New Year is separation season for many. Divorce lawyers are the most googled professional, and BBQs, the watercooler and other gatherings are plagued with separation stories, tears or masculine manifestos (as the case may be). Individuals, family and friends are dragged into the bad times vortex by a grief akin to the death of a loved one.
How can you make it worse? Die before you have a binding property settlement .... and your ex gets everything, or the best part of everything - that is the most common scenario. Unfortunately fatal accidents and sudden health events occur all too often especially when living with the pressure of separation.
If you have Will you probably leave everything to your spouse/partner and separation doesn't change the validity of your Will. So die without drafting a new Will and the Ex inherits the lot under your Will.
... and if you don't have a Will? Then the intestacy laws apply and give all (or a significant part) of your wealth to your Ex. It varies from State to State with different rules applying in each State and Territory - an unlucky dip of sorts.
And assets owned jointly? Well they pass to the survivor on death unless held as tenants in common (which is rare).
1st Get a fresh Will done now. One made in contemplation of divorce. It's easy and provides peace of mind.
2nd If you jointly own property, see a lawyer today and get the title changed to tenants in common. Other actions may be needed for other jointly owned assets.
Call me if you'd like to discuss the issues: 0438 136 118 or email me on: firstname.lastname@example.org