can you really protect your assets being a male?

[TMNT]

ok, so ive been doing a fair bit of research over the last couple of years, I got burnt big time when I split up with my partner, I ended up losing almost 70% of my assets, had to move out of home and rent a crappy unit, pay maintence, get hounded for more money while she tried to justify looking after 1 x 8 year old was a fulltime job, and that there was no way she could even work part time and ruin her latte and hair appointments, all while she worked a cash in hand job that she thought I didnt know about, plus using the kids as leverage at every moment possible, while being demanded half of the property we lived in that I had 75% paid off before I even met her, whereas I couldnt buy her out so had to get a loan, but I had to get a payrise which meant more support

anyway, enough with the nasties, Ive gotten over it, lucky she only got 70% which was $50k, because she thought she could hide the $70k odd in her personal credit card debt amassed from shopping, plus I had just started a business which was at its infancy stage

ok, since then, I have amassed a fair few properties, in light of how I got done over, I have put them in my twin brothers name, who is gay, and has never been nor wants to be in a stable relationship, we have a typical twins relationship,and are joined at the hip,

just assuming my brother stays single and doesnt run a business or get sued etc,

is this a good way for a lamans man to be able to protect himself? properites are mostly cashflow positive ,overall positive, but once you take into consideration maintenance etc. the postiive cashflow is quite minimal, to an extent that I let him keep it

Im sure kerry packer and nathan tinkler have a million ways to protect themselves, but whats the easiest way for some joe like me to do so?

for the record, for the less expereinced(lucky for you)
- BFAs and pre nups are pretty useless in this country, its more of a US thing, judges can easily overturn it if they feel its warranted
- the longer the marriage/defacto goes on, the less the argument what he vs she brought in into the relationship becomes less valid as a general rule
- in the eyes of the law, the female is entitled to continue to 'live a lifestyle she is accustomed to"
- actions such as opening a combined bank account, having her mail redirected to your house, sleeping in the same house, sleeping in the same room, all contribute against
- even things like her having her separate room, having a lease agreement,even taking a photo together may only help slightly


im not trying to start a gender war here, the above is teh facts, ive been burnt once before, I have 10x more to lose this time, so I will protect myself

what are other reasonable ways that I can protect myself and my kids future

 

[DaveM]

If your brother does meet Mr Right and is in a defacto relationship, then your assets are exposed to a claim from that person. Not good for you.

 

[Angel]

You put your assets into someone else's name and you are asking for help with asset protection? Search Trusts.

 

[Aaron_C]

You put your assets into someone else's name and you are asking for help with asset protection? Search Trusts.

Not so easy. The family court can look beyond trust structures to allocate assets depending on the control of the trust through the appointer/trustee etc.

 

[TMNT]

If your brother does meet Mr Right and is in a defacto relationship, then your assets are exposed to a claim from that person. Not good for you.

true, although its not something he intends doing, but you never know

inhindsight, ive also considered buying IPs in my parents name as well, maybe that would have been a better option

You put your assets into someone else's name and you are asking for help with asset protection? Search Trusts.

very true, but pressure, stress, and more importantly fear does make you do some silly things!
plus, im not asking for help, just feedback, ive done what I thought is the best way, in my circumstances, I also did run this briefly by a lawyer a few years ago

Not so easy. The family court can look beyond trust structures to allocate assets depending on the control of the trust through the appointer/trustee etc.

so assuming my brother/parents never divorced and he is single, which is safer? a trust or assets in someone elses name? if trusts arent that secure, it seems that putting it into someone elses name is the safest for an average joe like me

 

[Aaron_C]

The best answer is some sort of family trust with a trusted family member being the trustee/appointer I would think but I am no expert on this.

 

[thatbum]

You seem so afraid of something like that happening again... isn't simply not getting into another de facto relationship or marriage the best protection.

If you don't want to be that extreme, there are quite a lot of protections in the way you carry yourself in a relationship. For example, not supporting your partner so they do become accustomed to a certain lifestyle, or not having children that your partner looks after while you pursue work.

If you do want to learn more about "the system", then you will realise its fairly balanced overall and there is a reason the supported partner gets an equitable share of the assets.

 

[Ed Barton]

ok, since then, I have amassed a fair few properties, in light of how I got done over, I have put them in my twin brothers name, who is gay, and has never been nor wants to be in a stable relationship, we have a typical twins relationship,and are joined at the hip,

just assuming my brother stays single and doesnt run a business or get sued etc,

Your brother is just as likely to fall in love as you. Resulting in possible loss of assets on separation.

If you are going to have a gentleman's agreement for parking funds with 3rd parties I would look at your older parents, who have been together for more years and far less likely to separate. However, there is likely to much more claims on their wills.

Who can you trust?
You need to consider claims on the will and their partners.

 

[MsAli]

ok, since then, I have amassed a fair few properties, in light of how I got done over, I have put them in my twin brothers name, who is gay, and has never been nor wants to be in a stable relationship, we have a typical twins relationship,and are joined at the hip,

Hey that's pretty cool TMNT. Me and my twin are also joined at the hip!

 

[TMNT]

You seem so afraid of something like that happening again... isn't simply not getting into another de facto relationship or marriage the best protection.

If you don't want to be that extreme, there are quite a lot of protections in the way you carry yourself in a relationship. For example, not supporting your partner so they do become accustomed to a certain lifestyle, or not having children that your partner looks after while you pursue work.

If you do want to learn more about "the system", then you will realise its fairly balanced overall and there is a reason the supported partner gets an equitable share of the assets.

im not interested in having a relationship, but you know how it is? you go out, not interested in meeting anyone, you meet someone, you think is ok, then bang its all progressing fairly quickly, and by this time, you cant move assets or change your action plan, so you might as well get it right in the first place,
its like insurance, you dont go out expecting to have a car accident, you just insure it well before you actually start driving,
investing should be no different, however, you've got far more then a car at risk!

Who can you trust?
You need to consider claims on the will and their partners.

true, we have a very tight knit family, money is never an issue, if we lend eachother small amounts of money,we dont expect it back, just me and my brother!

Hey that's pretty cool TMNT. Me and my twin are also joined at the hip!

amen to that! wouldnt have it any other way!

 

[cu@thetop]

Hook up with a girl who has more money than you! (PS not a joke answer)

 

[weg]

At your age most women would have assets - more assets than most men infact, because of the large divorce payouts they recieved .

So why would you anticipate a relationship with someone that has nothing and possibly cares little about working towards having more?

Unless it's due to unfortunate circumstances, most older adults with nothing are poor money managers, and contemplating a relationship with those types would only bring grief; grief that probably leads to divorce anyway.

edit: cu got in first.

 

[TMNT]

At your age most women would have assets - more assets than most men infact, because of the large divorce payouts they recieved .

So why would you anticipate a relationship with someone that has nothing and possible cares little about working towards having more?

Unless it's due to unfortunate circumstances, most older adults with nothing are poor money managers, and contemplating a relationship with those types would only bring grief; grief that probably leads to divorce anyway.

edit: cu got in first.

i agree, if the person in question has had a family tragedy, business go sour, heath issues, then thats not that big of a deal for me,

however, most women in my age range (30s) that I seem to come across, have simply fluffed all their money away partying in their 20s, expecting for some guy to look after them once they hit 30, who all seem to think its trendy to be poor, broke while doing some pointless and brainless job, and yet will be the first to judge if a guy says, he is short on cash this month, (which a few years ago, I was constantly short on cash)

while the divorced ones, who have walked away with a mans cash, want someone with more cash then them, and as per their divorce lawyers "used to a certain lifestyle",and further to be looked after, as they want to improve their lifestle, ie do less work, sip more lattes, spend more money on shopping

 

[china]

Given the laws of this country, it makes it hard for older (> 35) single guys with a lot of accumulated assets with no relatives (parents dead, siblings married) to enter into relationships for fear of losing their past and future earnings. I think the key is to start relationships and have kids young (<25) when both parties have minimal assets.

 

[wylie]

i agree, if the person in question has had a family tragedy, business go sour, heath issues, then thats not that big of a deal for me,

however, most women in my age range (30s) that I seem to come across, have simply fluffed all their money away partying in their 20s, expecting for some guy to look after them once they hit 30, who all seem to think its trendy to be poor, broke while doing some pointless and brainless job, and yet will be the first to judge if a guy says, he is short on cash this month, (which a few years ago, I was constantly short on cash)

while the divorced ones, who have walked away with a mans cash, want someone with more cash then them, and as per their divorce lawyers "used to a certain lifestyle",and further to be looked after, as they want to improve their lifestle, ie do less work, sip more lattes, spend more money on shopping

Surely you could find some more sweeping generalizations about women than these .

 

[weg]

however, most women in my age range (30s) that I seem to come across, have simply fluffed all their money away partying in their 20s, expecting for some guy to look after them once they hit 30, who all seem to think its trendy to be poor, broke while doing some pointless and brainless job

while the divorced ones, who have walked away with a mans cash, want someone with more cash then them, and as per their divorce lawyers "used to a certain lifestyle",and further to be looked after, as they want to improve their lifestle, ie do less work, sip more lattes, spend more money on shopping

Almost all the 30 something single women I know (mostly ones I've worked with) have at least one house and a good income.

Some keep their assets a secret because they think the men are interested in their money.

True!

I think you're moving in the wrong circles.

 

[Rolf Latham]

Surely you could find some more sweeping generalizations about women than these .

id have to concur..............

perhaps look beyond the past, coz it s damn hard to drive a car vie the review mirror

ta
rolf

 

[china]

id have to concur..............

perhaps look beyond the past, coz it s damn hard to drive a car vie the review mirror

ta
rolf

Some of the latest mercedes have very good rear sensors.

 

[TMNT]

Surely you could find some more sweeping generalizations about women than these .

agree, they were general comments, but its just what ive expereinced, sorry to say though, and yes would love to meet a like minded person

Almost all the 30 something single women I know (mostly ones I've worked with) have at least one house and a good income.

Some keep their assets a secret because they think the men are interested in their money.

True!

I think you're moving in the wrong circles.

and yes, guess what!!!, its me thats the common point amongst all of them,

personally, I think saying you are short on cash, or have a $15k credit card debt that I cant pay off is something to be ashamed/embarassed about, just shows you are unable to plan and manage yourself,

different story if your car breaks down, dog breaks a leg, you lose your phone, lose your wallet, all in teh same day

 

[Rolf Latham]

Some of the latest mercedes have very good rear sensors.

thats true,but that dont help you driving FORWARD

Even a Ford Focus can park itself

ta
rolf