Dealing with Divorce
In Australia around 50,000 marriages end in divorce every year and even more relationships break down. This can leave people emotionally, mentally and physically drained. Having to sell your family home at a time like this is just an added emotional stress and complexity.
Since the introduction of the Family Law Act in 1975, there is no longer any fault associated with divorce. Grounds for divorce are that the marriage has broken down irretrievably, evidenced by the parties to a marriage being separated for a period no less than 12 months.
Four step process a court will take:
- Identify the assets
- Contributions that the parties have made
- Maintenance Factors or future needs
- Just and equitable approach
In order to sell your house during a divorce, you need to submit a property application form. This is a written application filed in court to seek orders that, for example, the house be sold and that a percentage of the proceeds of the sale be paid to you.
To help you be ready here is a property application check list:
Property application checklist:
- Bank statements from the previous 12 months
- Last 3 year’s tax returns
- Real estate agent market appraisals for any property
- Value of cars and motorbikes
- Details of shares and investments
- Interests in any business that either of the parties might be operating
- Recent superannuation statements
- Documentation related to the value of all property, whether in joint name or individual.
All property in an individual’s name will be regarded as matrimonial property. There is a requirement to disclose all property, irrespective of whose name it is in.
Here at Peter Hunt Real Estate, our job is to help our seller and / or buyers to achieve their goals. We believe in providing a service to you that goes beyond just the sale of property.
I hope this article has been helpful for you, however please make sure to do further research and / or seek legal advice if you are going through divorce.