Asset Protection in terms of divorce

[newlooker]

Hey All,

Any idea on how to protect asset when it comes to divorce? I bought property with all my money, unfortunately after marriage so would I would still give 50% to her even when she didn't shell out anything in case we divorce? Is our law so weak??

It is an investment property and not a live in property.

I need some guidance here please.

Worried Husband.

 

[Terry_w]

Hey All,

Any idea on how to protect asset when it comes to divorce? I bought property with all my money, unfortunately after marriage so would I would still give 50% to her even when she didn't shell out anything in case we divorce? Is our law so weak??

It is an investment property and not a live in property.

I need some guidance here please.

Worried Husband.

What weak law are you talking about?

see s79 of the family law act for what the court considers when making a property settlement. Contributions of the parties!

 

[jerrybee]

Sell half of it to your parents or someone you trust.

 

[Terry_w]

Sell half of it to your parents or someone you trust.

Why would you want to do that?

 

[Phiber]

Not much you can do on this front unfortunately.
Not just financial contributions are taken into account unfortunately

 

[TMNT]

think of the person you hate hte most, one that you despise the most.......and then give them half your cash!

its much easier! at least they will stop bothering you

 

[nomadic]

Yep you'll have to give her 50-60% of the property value even though she didn't contribute financially because a judge will say she contributed in other ways like cooking your dinner or looking after the home and watching DVD's while you were at work.

 

[marg4000]

And if there are children involved....
Marg

 

[Terry_w]

Not much you can do on this front unfortunately.
Not just financial contributions are taken into account unfortunately

Plenty of things can be done.
for starters read s79
Then make sure your spouse contributes absolutly nothing towards the property.
no money, no non financial contribution at all.
Make sure you have separate bank accounts and show your money being used to pay for all expenses. Never take the spouse to the property. never let her/him/it ring up tradespersons, agents banks or anything related to the property.

Then if a property settlement happens you are unlikely to have to adjust the ownership of the property in question.

 

[TMNT]

Plenty of things can be done.
no money, no non financial contribution at all.
Make sure you have separate bank accounts and show your money being used to pay for all expenses. Never take the spouse to the property. never let her/him/it ring up tradespersons, agents banks or anything related to the property.

umm, im no lawyer but thats like using a garden hose to fight a bushfire,

ive even seen people even have separate rental agreements and still get screwed over

 

[GreyGhost]

Get legal advice.. Pay for it.

 

[Terry_w]

umm, im no lawyer but thats like using a garden hose to fight a bushfire,

ive even seen people even have separate rental agreements and still get screwed over

Every case is different and you won't know the details behind the case unless you read the judgment. But down at the pub afterwards the bloke will be complaining how unfair it is - she only came with a hand bag but left with a house!. But you have to look behind the pub chatter into the way the couple set up their finances and other non financial arrangements.

It would be very rare to structure like I have said above.

 

[ozmale42]

umm, im no lawyer but thats like using a garden hose to fight a bushfire,

ive even seen people even have separate rental agreements and still get screwed over

Especially if kids are involved and/or you have greater potential to earn a higher future income than her.