Reaching agreement on the property pool 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 and can be used collaboratively with both parties 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 Mediators
Watch this short video to see this feature in action or continue reading for step-by-step instructions if you're a mediator wishing to use this feature in your FamilyProperty mediation matter.
Or click on another article as needed:
Using the Joint Balance Sheet - for Lawyers
Using the Joint Balance Sheet - for a Client or Party
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 a party has completed the questionnaire or you already have items in their 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 party's value for each item to add this information. Alternatively, you may wish to collaborate with the parties to enter their own values.
Collaborate with the Parties using a Shareable Link
You have the option to work collaboratively with both parties 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 parties access their own 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 or private notes about each item
- Add their proposal for each item which is only visible to them and the mediator (not to the other party)
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.