Reaching agreement on the property pool with the other party is essential to move forward with property settlement negotiations, but it's a process that is often tedious and very time consuming.
Our NEW 'Joint Balance Sheet' is a game-changer for legal professionals, offering better visibility on the identity, ownership and values of items in the property pool for both parties, and can be used to collaborate with your client and the other side to speed up this process.
The feature uses joint versions of the balance sheet so it contains the same list of assets, liabilities and super funds. When a change is made in one joint version, all other saved joint versions will be updated automatically.
Using the Joint Balance Sheet - for Lawyers
Watch this video to learn about this feature or continue reading for step-by-step instructions if you're a lawyer wishing to use this feature in your FamilyProperty matter.
Or click on another article as needed:
Using the Joint Balance Sheet - for Mediators
Using the Joint Balance Sheet - Instructions for the Other Side
Using the Joint Balance Sheet - for a Client
To start using the Joint Balance Sheet, the first step is to 'enable joint versions. You may wish to save an individual version on your balance sheet prior to enabling the joint balance sheet.
- Click on 'Joint Balance Sheet' in the left-hand menu.
- Once displayed, click on 'Versions' and 'Enable Joint Versions'.
- A pop-up window will appear with information on how joint versions works. Click on 'Enable Joint Versions?'
Add items to the Joint balance sheet
If your client has completed the questionnaire or you already have items in your client's balance sheet, these items will automatically be added to the Joint Balance Sheet. Once joint versions is enabled, you can now start entering values for both parties as well as add new items:
- Click 'Add' to add an Asset, liability or super fund
- Fill out the form - ownership, item type, description and value (your client's value). You can also add more specific details using the 'Details' tab.
Click Save - Click on the other side's value for each item to add this information. Alternatively, you may wish to collaborate and allow the other side to enter their own values.
Collaborate with the Other Side and your Client
You have the option to work collaboratively with both your client and the other side by sending them a link to their side of the joint balance sheet.
- Click on 'Versions' and select the appropriate link. A window with the unique link will open.
- Click on the link where you can copy and email it to the other side or your client and choose between 'can edit' or 'view only'.
- When the lawyer for the other side or your client accesses this link, if you selected 'can edit' they will be able to:
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- Add new items to be included in the property pool
- Add or edit their value for each item
- Dispute ownership
- Add important public (client and other party) or private notes (client only) about each item
- Please note: the other side cannot edit your client's values or item details.
The joint balance sheet will be updated almost instantly with the changes. Click on the joint versions icon (shown below) to review the latest changes.
Disable access to the Joint Balance Sheet
To prevent any further changes to the joint balance sheet, go to Versions and click on the appropriate link where you can 'Disable' or alternatively change it to view only.