The basic recipe to determine an asset split after separation remains the same. The court will:
- Identify all assets and debts, including your home or investment properties.
- Assess each person’s contributions to the asset pool, both financial and non-financial.
- Consider each person’s current and future financial needs.
But with new changes they will no longer consider pets as just another item of property, reports Money Magazine.
“For the first time, the law will include specific provisions to deal with companion animals in property settlements. Previously, pets were dealt with as simply an item of ‘property’,” Money Magazine reports.
“The changes will allow the court to consider additional matters to determine which party keeps the family pet, including the attachment of either party or children to the pet, and consider any animal abuse.
“While arrangements for pets will now be considered differently, there is no provision for the court to determine a ‘joint custody’ arrangement.”
The new laws also give courts the ability to consider the impacts of family violence on a property settlement.
If you find yourself heading to splitsville, it’s best to get legal advice sooner rather than later.
Talking to local agents can also help you get an understanding of the value of your property and what your options might be as you take steps towards establishing your life post settlement.
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