DEALING WITH AN INVESTMENT WHEN SEPARATING:
Divorce is never an easy subject to discuss. If you or someone you know has recently divorced or are going through the separation process (and you own property) then you are going to have to determine how to administer or divide your shared property investments. More than likely, this will involve lawyers.
We understand that this process can be overwhelming and stressful. During these times it is also important to note (from previous experience) that for any changes to occur to rental payment bank account details we must have written and signed instructions from all parties, which is part of our standard agency processes.
If you still married, or if you are considering getting married – we would encourage you to seek legal advice on a co-purchase or ownership agreement when buying a property with a partner as it can serve to protect both parties. It outlines who pays the bills, who is liable in the event of a relationship breakdown, and how one of the parties can sell their share of the property (if you even want that to be a possibility).
If you invest hundreds of thousands of dollars on a home, even millions, you may want to make sure that you are protected no matter what. You don’t want to find out that you don’t have any claim to the property after the relationship has broken down and then lose all of the money you put into the investment.
If you need to sell or if you find yourself in this situation, our team of experts are here to offer confidential value-added advice on the sale process as well as a free ‘no obligation’ appraisal (if required)to assist in listing the property for sale to achieve the best possible price. We also recommend that you seek professional advice from your lawyer and accountant.
|Daniel Fitzpatrick – Director of Sales|
|m. 0412 955 663|