Getting a divorce in Australia costs as little as $352.  That's unless you're a pensioner, a prisoner, under 18 years-of-age, have been granted legal aid or fall into some other specified category.  In those cases, applications to the courts are free. 

The basic $352 fee applies to no-dispute, shake-hands-and walk-away divorces.  Add an application about children or property and you add a further $121 to your bill.  Ask for a court order variation and you'll cough up another $121 while the hearing fee for a defended matter comes in at $364. 

Also bear in mind the court fee is only the launching pad for legal costs and settlements which can rocket from a few thousand dollars to $100,000 - and more - by the time a couple's financial affairs are sorted out.  The "property settlement" decides who gets what. 

Once settlement is agreed, experienced finance consultants can not only provide expert guidance but also streamline the necessary finance to carry out an agreed 'divorce plan'. 

The House

First, the house.  If selling do so before the divorce, especially if your ex remains in the house during the proceedings.  If your spouse is opposed to selling, he or she can drag out the sale indefinitely.  In the meantime, you are responsible for payments and defaults.  If possible, the property should be vacated before listing.

Refinancing is another option.  But remember, you can't simply call up the bank and ask for you or your spouse to be taken off the loan.  Formalities must be gone through; an area in which Naritas is well versed and able to assist.

Where selling or refinancing are not possible do not take your name off the title.  By doing so you relinquish ownership but not loan responsibility which means you'll be unable to claim a share of equity.  And don't forget to give the lender your new address and ask to be notified if payments fall behind to allow you to pay arrears.

The Car

Next, the car.  If selling to a third party, do so before the divorce.  When sold make sure all finance is paid off. While the vehicle remains unsold you are responsible for loan payments.  Should you or your ex decide to keep the car have it refinanced it in a single name.  If you need to keep title but don't use the vehicle make certain you are not its registered owner.  If you do you could find yourself buried under an avalanche of unpaid parking and traffic fines.

Joint Credit Cards

Finally, joint credit cards.  Many people think "closing out" is the end of it.  The truth is an account is not closed until balances are paid.  But be cautious, credit companies encourage closed cards to be reopened if they've been paid on time.  If you're unable to pay off jointly held credit cards the answer may be to obtain individual cards into which agreed amounts are transferred.

The more you settle between yourselves without third parties, the easier, cheaper and more amicable your separation will be.  Funding your property settlement in the best, most economical way is where financial professionals, like Naritas, can really make a difference to your peace of mind.

Naritas Finance