Best way to protect assets’ prior to marriage?

W

windsor

I’m from a family with millions in property tied up in companies and trust.

I’m planning on getting married soon, but before I do I want to protect all my family asset if I was to ever get a divorce.

How does a financial agreement stand up in the courts in Victoria?

Can anyone recommend a good lawyer who can write up a binding financial agreement that would stand up in Victoria courts in case of a divorce?

Anyone had any problems with the financial agreements not standing up in courts in Victoria in a divorce?

What would it cost to get a good financial agreement to done?
 
Hi windsor

I could for qld but not vic.

Cant say what it will cost you to set it up but what do you think it will cost you if you dont set it up and something goes bad.... more or less?

Even if you paid $10k a split would cost you more
 
Norwester said:
Haha.....
So I gotta ask.......Windsor

Where's the love.....???....:rolleyes:

ciao

Nor
Click to expand...

Where is the love, have to be realistic today and plan ahead if it was to ever happen. Why take out car or house insurance as a precaution and to plan ahead.

Im just curious to know what it would cost. All the properties are in a family trust and knowing the divorce statics today you could never be to to safe.

And how well would a financial agreement stand up in court?
 
windsor said:
How does a financial agreement stand up in the courts in Victoria?
Click to expand...

Easy - don't get married. The Family Court is heavily skewed in favour of women, especially if you have children. If you insist on getting married, it's probably best to have nothing (that is, any family assets) connected to you if you are concerned about having them protected in case of divorce. Judges can strip assets out of trusts in a divorce proceeding. Remember - over 50% of marriages today end in divorce, with 70% - yes, that's 7 out of every 10 divorces - initiated by the woman. Not good odds, friend.

My understanding is that pre-nups are not legally binding in Aust. like they are in the U.S. Best to get proper legal advice though.

Mark
 
thrashoholic said:
Easy - don't get married. The Family Court is heavily skewed in favour of women, especially if you have children. If you insist on getting married, its probably best to have nothing (that is, any family assets) connected to you if you are concerned about having them protected in case of divorce.

My understanding is that pre-nups are not legally binding in Aust. like they are in the U.S. Best to get proper legal advice though.

Mark
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Since year 2000 Finacial Agreements have been legally binding in Australia as like in the USA.

I will have inhertence which will eventually come my way, but until then I have everything in a company and trust and under my parents name. I have obtained some legal advice.

But I would like to hear from someone other then a lawyer who love's to charge and tell me there thoughts and opinions on it....
 
Having said that, tell your parents to talk to a solicitor about setting up a testamentary trust and have EVERYTHING put in that. Also, lol @ you claiming you have several mill. of assets coming to you and you pinch pennies on the legal advice to protect said millions....

Serious question: Why on earth do you want to get married?

Mark
 
thrashoholic said:
Also, lol @ you claiming you have several mill. of assets coming to you and you pinch pennies on the legal advice to protect said millions....

Serious question: Why on earth do you want to get married?

Mark
Click to expand...

Its more that Im curious at the amount of a finacial agreement would cost, as I've had figures of $2000 to $6000.

Why would I get married, becauce I love the person and life is to short but still want to protect all my assests. A few family trust have been setup and all my assests are in there controlled by my parents.
 
windsor said:
Its more that Im curious at the amount of a finacial agreement would cost, as I've had figures of $2000 to $6000.

Why would I get married, becauce I love the person and life is to short but still want to protect all my assests. A few family trust have been setup and all my assests are in there controlled by my parents.
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I'm confused... are these your parents assets that are in trust, that you expect to inherit someday, or are they your assets that you have tucked away into your parents trusts?
 
windsor,

To be honest, a better start to this thread would have been 'Does anyone know a good solicitor in Melbourne who can help me to protect my assets from attack in a divorce?' Someone on here will know someone.

Do you really think spending a few thousand getting the right set up isn't worth it? You don't want to risk losing half of everything to save a few grand. Honestly, even if you do overpay, so what? You're trying to protect several MILLION dollars!

Mark
 
thrashoholic said:
windsor,

To be honest, a better start to this thread would have been 'Does anyone know a good solicitor in Melbourne who can help me to protect my assets from attack in a divorce?' Someone on here will know someone.

Do you really think spending a few thousand getting the right set up isn't worth it? You don't want to risk losing half of everything to save a few grand. Honestly, even if you do overpay, so what? You're trying to protect several MILLION dollars!

Mark
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Hi Mark, they are both my assests and my parents assests distrubuted in trusts.

The reason I ask, approx 10 yr's ago I was in a relationship and my x-partner tried to take almost everything I had worked so hard for, so now all my assests are tied in with my parents assests. And in that relationship I wasnt even married but the house we lived in was in my name.

I've called a few lawyers and they have different points of view regarding finacial agreement's in regards to "would it stand up in court" and if the finacial agreement did stand up in court to a certain extent that the most my x-partner could walk away with would be almost 10%.

But I would like to hear from someone who has had a finacial agreement that did stand up in court and what lawyer could anyone reccomend to write one up that could stand up in court with no loop holes in the agreement.
 
HI there
I haven't done the pre-nup agreements recently but it is possible to get one around the $1000 mark - that requires a consultation with the solicitor in the first instance - the preparation of the document and then having the document considered by both parties independent solicitors to make sure it is binding.

Have costed matters where they do go belly up because all the formalities have not been followed precisely. An example is the decision in Black v Black where a pre-nup agreement was not upheld because the formalities were not complied with.

Don't know where you are - but did work at a firm called Mason Sier and Turnbull at Mt Waverley who had a number of family law practitioners. Heather Mason was the partner responsible for the family law section. She was an accredited specialist. If she is still practising - she could be a good contact for you.
thanks

Just looking at their website - looks as if Heather is not there anymore - but Denise Foster is still there - and she too is an accredited specialist. They have moved over to the Monash business park if that is proximate to you.
 
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Raddles said:
HI there
I haven't done the pre-nup agreements recently but it is possible to get one around the $1000 mark - that requires a consultation with the solicitor in the first instance - the preparation of the document and then having the document considered by both parties independent solicitors to make sure it is binding.

Have costed matters where they do go belly up because all the formalities have not been followed precisely. An example is the decision in Black v Black where a pre-nup agreement was not upheld because the formalities were not complied with.

Don't know where you are - but did work at a firm called Mason Sier and Turnbull at Mt Waverley who had a number of family law practitioners. Heather Mason was the partner responsible for the family law section. She was an accredited specialist. If she is still practising - she could be a good contact for you.
thanks

Just looking at their website - looks as if Heather is not there anymore - but Denise Foster is still there - and she too is an accredited specialist. They have moved over to the Monash business park if that is proximate to you.
Click to expand...

Thank you for that information, could explain a little further what you meant by "Have costed matters where they do go belly up because all the formalities have not been followed precisely. An example is the decision in Black v Black where a pre-nup agreement was not upheld because the formalities were not complied with".

Cheers
Windsor
 
Hi there Windsor
I am both a legal practitioner and a legal costs consultant.
I am often involved at the end of litigation matters where one party has to pay the other parties costs. If they cannot agree on the legal costs to be paid - they will often get someone like me involved - who actually assesses the fair and reasonable costs to be paid - based upon scales of costs established by legislation.
I do sometimes cost family law matters - one recently started out a potential separation but ended up with the parties getting back together - but also preparing a financial agreement should they split again - to avoid further legal costs and disputes over property.
As for the decision http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FamCA/2006/972.html?query=black v Black
see this link to see what is required for a binding financial agreement
thanks
 
Thank You for your reply.

Just a question, are you required to make a finacial agreement binding (Have to disclose all your assests in the agreement even it is in a trust to make it binding)?
 
Hi there
this is one area you need to speak with an accredited specialist about as they would be up to speed with the latest decisions affecting the area.
My understanding is that property involved with a discretionary trust is not normally something disclosed in the financial agreements because you are not the owner of that property - you may control it - but you are not the owner.
thanks

Also the link I gave you to the Black decision was overturned by the full family Court and the financial agreement was held not to be binding because of the failure to comply with formalities - but the link I gave you does indicate some of the problems with an agreement
 
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Do we have Cohabitation Agreements here in Australia?

They have them in the US (apparently) and my understanding is that they are more watertight than a pre-nup.

Whilst it may sound politically incorrect to talk about pre-nups etc, I think it is a good idea as the divorce rate these days is quite high (don't know exact figures) so why not protect yourself.

And yes, it appears that males seem to get hit hardest in divorce settlements but my comments were/are aimed at both sexes.

Regards
Marty
 
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