Best way to protect assets’ prior to marriage?

[tubs]

I dont think asking questions like this should be discouraged. Nor should they be considered as being cheap.

The fact is, lawyers really arent that smart. I know heaps of people who have had family law cases stuffed by incompetent lawyers.

I would think this forum would be more supportive of posters who want to tap into the vast knowledge of high value individuals who may have been in a similar position and have some experiences to offer.

 

[buzzlightyear]

Windsor, I'd be interested in how you have brought up or are intending to bring up the conversation of pre-nups?

 

[windsor]

Windsor, I'd be interested in how you have brought up or are intending to bring up the conversation of pre-nups?

I have already disscused it with my partner as she knows what happened in my previous relationship so she has a understanding why I want a Binding Financial Agreement.

Not happy to hear that some solicitors wont sign on her behalf if I dont give a percentage even though she would bring nothing into the marriage, and as un romantic as this seems to anyone "Im sorry but thats what the world has come to today, everything is about the dollar".

 

[Mr. Fabulous]

windsor,

Don't ever apologise to anyone for wanting to protect what you have worked hard for. If anyone looks down on you for it, tell 'em to cram it with walnuts.

Mark

 

[GoAnna!]

So most pre nups are purely about protecting what is brought into a marriage and not about the assets accumulated within the marriage?

If you bring say a house into a marriage - sell the house and buy another with your partner - how would that get split down the track?

 

[Mr. Fabulous]

See this is where things get messy, innit. My proposal would be to sell the house, have the original partner take what they put in (however much that was) and split the rest 50/50. But that doesn't take loans and etc. into account.

Mark

 

[windsor]

So most pre nups are purely about protecting what is brought into a marriage and not about the assets accumulated within the marriage?

If you bring say a house into a marriage - sell the house and buy another with your partner - how would that get split down the track?

I will find out more next week with my 2nd appointment with the solicitor and let you know, as I have houses that are tied up in trusts and then inheritance.

If you have properties that are in trusts you have to make it very clear that the trust is not in any way "shape or form part of the marriage" in regards to assets and also goes with inheritance.

If the marriage was to break down and we al do take out care insurance, make sure to include children into the agreement and who will pay for what if the marriage was to break down, make sure to cover everything and anything in the Agreement even if you think it wont happen.

Example and a very true story that happened to someone: If I have a house that is in a trust, the best way to protect yourself from loosing that house wether you have children or not is to rent the house from the trust which wont form any part of the assets in the marriage.

A question that I need to ask the solicitor is if I open a new trust and purchase more property would those assests be included in the marriage.

In case your marriage does turn for the worst she or he can take out an Intervention order stoping you from entering that house for a peroid of 12mths or longer and to avoid this.

Remember women still have more rights in this country then men, doesn’t matter how many times you hear the law has changed the family courts are always in favour of the women.

So in case you were served with a intervention order to stop you entering your house which really wouldn’t be yours but would be controlled by you through the company and trust and you would be renting the house from the trust, you can always go to the real estate agent for them to serve her or him with a notice to vacate the property as there have been many cases were men have been left out in the cold and no where to go.

It's also important to remember to make the B.F.A BINDING is that you don’t take advantage of the Financial Agreement as it wont make it Legally Binding so you have to give a small percentage and make sure to include children, etc.

Note: that after 2 years into the marriage and "without a Financial Agreement" that everything becomes 50/50 split.

 

[tubs]

And all she has to do is go to the family court immediately, and she can overturn that. I know someone who tried to do that, and the wife got an order so she could stay. (She now owns the house which was fully paid off by the husband before he met her).

 

[The Y-man]

I have houses that are tied up in trusts and then inheritance.

Have you locked down the path to your inheriance by the appointor route?
(i.e. knock out appointor and appoint new trustee...)

Cheers,

The Y-man

 

[windsor]

And all she has to do is go to the family court immediately, and she can overturn that. I know someone who tried to do that, and the wife got an order so she could stay. (She now owns the house which was fully paid off by the husband before he met her).

Sorry overturn which part ??

Here is more information http://www.hhfamilylaw.com.au/prenuptialfacts.php

"In the case of a relationship breakdown, what is earned during a marriage will be part of the settlement regardless of whether it has been held in a joint or separate account,''

 

[Minx]

Interesting subject. I myself is part of a substantial trust which in turn will become "inheritance". Now from my understanding as it was asked my sister in law (bros wife) cannot claim income from the trust to assist with minimising the trustees income. Thus, the sister in law would have no right to claim that assets in the trust are due to her. How when she did not financially contribute to it's acquisition nor did she pay more tax as a result?! In addition to this, the trust can prove that two of the trustees did not and could not have financially purchased any property in the trust, they being my brother and I. (Except for one, however going into that will just complicate things further).


Marriage is all about trust. I think its offending as after your married you want to set up a trust to purchase property and for her not to be a part of it. I for one would be questioning why you would be getting married if you are not part of a team. I know that my parents set up the trust so that if anything happened to them (i.e. death) that their children will be automatically entitled to their assets without the worry of red tape and the government dipping their hand in the honey jar. In addition, they had both stated that the trust was there to protect their children should in case they get divorced. Just to add to that, my parents have been married for 40 years.

 

[Mr. Fabulous]

And all she has to do is go to the family court immediately, and she can overturn that. I know someone who tried to do that, and the wife got an order so she could stay. (She now owns the house which was fully paid off by the husband before he met her).

And here, ladies and gentlemen, is the perfect example of why it's always a good idea to never get hitched.

Mark

 

[wylie]

Mark, do you know ANY MAN who has not been shafted???

I am all for protecting existing assets in case a marriage does not work out. Hubby and I both had about the same value of assets when we married, so it was not an issue. If he died, or if we divorced, and I entered into another marriage, I would most certainly protect what I was bringing into the marriage, to ensure it goes to my kids.

Where it could get into a grey area, is if the second marriage is a long and happy one, what happens to the assets then. If you grow to love his kids, or have ones of your own (not in my case, too old) it gets very messy. I suppose this is something that can be changed to suit the circumstances.

And I have to say that for every man who gets shafted, there is a matching story about a woman who has been as well. I know somebody, 22 years married, who will be leaving the marriage with nothing. Her hubby has "lost" all the money in his business and hidden away enough to make his life comfy. She will be renting. A tenant of mine is in almost the same situation.

I cannot imagine being with somebody who I didn't trust completely. The trouble is that these days, even if you don't remarry, just living with somebody for more than about five minutes means they can get their hands on half your assets.

 

[Minx]

Mark, do you know ANY MAN who has not been shafted???

I am all for protecting existing assets in case a marriage does not work out. Hubby and I both had about the same value of assets when we married, so it was not an issue. If he died, or if we divorced, and I entered into another marriage, I would most certainly protect what I was bringing into the marriage, to ensure it goes to my kids.

Where it could get into a grey area, is if the second marriage is a long and happy one, what happens to the assets then. If you grow to love his kids, or have ones of your own (not in my case, too old) it gets very messy. I suppose this is something that can be changed to suit the circumstances.

And I have to say that for every man who gets shafted, there is a matching story about a woman who has been as well. I know somebody, 22 years married, who will be leaving the marriage with nothing. Her hubby has "lost" all the money in his business and hidden away enough to make his life comfy. She will be renting. A tenant of mine is in almost the same situation.

I cannot imagine being with somebody who I didn't trust completely. The trouble is that these days, even if you don't remarry, just living with somebody for more than about five minutes means they can get their hands on half your assets.

Yep, partners sister paid 85% for house and renovations yet her ex got 50% when they divorced. Didn't matter than when he married her that he had no car, no money and no assets. Oh and it didn't matter that her workcover payout paid for the renovations either.....

 

[Mr. Fabulous]

Mark, do you know ANY MAN who has not been shafted???

Wylie,

I would just like to point out here that you turned this into a man vs woman thing. As far as I'm concerned, protecting assets from an ex partner is not gender specific. My view is pertinent to both men and women with substantial assets entering into a marriage contract.

Mark

 

[wylie]

Wylie,

I would just like to point out here that you turned this into a man vs woman thing. As far as I'm concerned, protecting assets from an ex partner is not gender specific. My view is pertinent to both men and women with substantial assets entering into a marriage contract.

Mark

Point taken Mark, but you have made it quite clear on numerous other posts that you think men get the pointy end of the stick, whilst I believe most women would be looking at things quite differently.

And I agree with your view about protecting assets, no matter the gender.

 

[Mr. Fabulous]

Did I? Can you point out where I did that, thanks.

Mark

 

[wylie]

Under your old name, plenty there.

 

[windsor]

No one can point fingers at anyone as this has nothing to do with what sex you are, but I will say this from past expercience and still to this day women do have more rights when it only comes to children in the family courts and I can completely understand that and Im a male.

As to setting up a trust while you are married I dont know and dont wish to comment on that. Alls I can say is that its what I have now is what I want to protect.


thrashoholic
When you wote the post about the female taking the 100% of the house and not to get hitched are you saying that was a result becauce there was no finanical agreement made?? as I could only seeing that happen if one of the parties didnt make a finacial agreement.

 

[Nathan]

Windsor, i am soon to doing the same thing.

IMO i will be getting a prenup, and backing it up with a video inteview.

i guess its all in the conditioning of the relationship. i have always been open with it, and if someone didnt want to sign 1 i simply wouldnt go out with them in the first place. dont mean to sound arrogant.

I have been with the gf for almost 5 years, and she has seen me start with nothing. However i have dedicated my life to my property investing/business, and will always protect it as much as i can.

I know there are two views on this, and its similar to discussing politics about who is better.

At the end of the day, you can be arrogant and have a prenup, or you can be ignorant and lie to yourself and say all is going to be ok. choice is yours... I belive its a must.

let me ask.. who drives their car uninsured? or doesnt have insurance on their house? we dont plan to die in accident or think our house is going to burn to a crisp however it happens, and its best to protect yourself. At the end of the day, noone has a more vested interest in your wellbeing then yourself.

Goodluck with the wedding!