Protect Assets

Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.1.1.1.1.1
From: Jeremy Laws


TW - marriage here isn't the issue! If you had been married 10 times it still wouldn't count. As you have no assets you are not allowed to comment:) This is an investment forum, you can learn a lot here. Go and dip your toe in the investment 'pool' - you may find you enjoy it!

Super.... 3 of my workmates have had their ex's turn up on retirement day with their lawyers to demand a 50% (at least) share. In two cases this had been previously ruled out by the court. The result.... 100k each in legal fees to prove that in each case the ex's were wrong. The third case - the guy in question now has a salary of about $15kpa. quite a drop from his previous $250k. His ex meanwhile is living comfortably with a 45yo working physio. Grossly disgustingly unfair.

I used to go to school with a family law court judges son. He used to get escorted to school because of threats and kidnapping potential. I can understand it now....
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.1.1.1.1.1.1
From: Dale Gatherum-Goss


HI

Another thought to consider along the lines of my last post here . . . enter into a relationship expecting to lose everything that you have should the relationship fail.

Why?

Because that is the worst case scenario.

If the relationship works, fantastic, you went for broke and came out the other end with everything - financial success and a relationship that has survived all that life can throw at it.

If the relationship fails, and you lose most of your assets, you still have something that you did not plan on, as well as the ability to recreate all that wealth again.

If you do lose everything, well, you expected to anyway and so there is no nasty surprises and you still have the ability to reproduce that wealth again.

Give it everything and be prepared to lose the lot! Only then have you truly gained anything worth having.

Just an idle thought . . .

Dale
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.1.1.1.1.1.1.1
From: Robert Forward


And on that note Dale a question for everyone.

If you were to loose everything, be it not only divorce but by any means. How long do you think it would take to be back in the position you are in now.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.1.1.1.1.1.1.1.1
From: Mark Laszczuk


Right now? About twelve months. (Don't have that much yet, but we are working really hard on it...)

Mark
'no hat, some cattle'
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2
From: Michael G


Robert,

It was my understanding that super was 9% because it was to support you in retirement.

Maybe there should be legislation that, if you get married. You super rolls over into a new policy and your employer then starts to deduct double the rate 18% because legally (in divorces) it is assumed you were paying for two people all along?

Michael G
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1
From: Asy .


MG,

It is 50%, trust me.

I spoke to a solicitor after we separated, and was advised that I would get 50% of his super.

I didn't claim any, though.

asy


"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1
From: Robert Forward


Yep, Asy is right here.

A recent family divorce that I know of had to be separated as such.

She got the house (and kids)
She got 50% of the money
She got 50% of the perceived future amount of the superannuation ($170k) that he had to cough up with in the separation.

So in all what did he get, a debt of over $200k for her running off with another man.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.1.1.1.1.1.2
From: The Wife


Your right Jeremy, I dont belong here, I shall butt out, not posting will save me hours a day anyway, Thankyou for bringing to my attention.

TW
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1.1
From: Michael G


Robert,

On that note, its not much of an incentive to save huh?

Imagine the more you save, the more debt you generate!

Imagine having a successful business where you push your profits into your super.

Then what you said happens, you might have to sell the business just to pay out your share of the super.

Michael G
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1.1.1
From: Mark Laszczuk


Robert,
Very interesting post. Now some of the other posters (read: females) might understand why this thread was so heavily scewed towards the males. This story is the norm in divorce courts, not the exception. Fact: men stand to lose a lot more in divorce (financially) than women in most cases.

Mark
'no hat, some cattle'
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1.1.1.1
From: Felicity W.


And so they should - because it's usually the woman who's left to raise the children on her own, with a severely limited ability to work full time at a job that pays well.
I've seen both sides of the deal from Family Court settlements, and I've seen plenty of women who've suffered financially for a long time afterwards while their husbands do exactly what Dale says he could do - go back to work and start building their wealth again.
Perhaps the problem with this subject is that as men, you have male friends who share their woes with you and therefore you end up on the man's side. As a woman, you have female friends who share their woes with you and therefore you end up on the woman's side.
In the end you can only judge each case on its own merits.
Keep smiling
Felicity :cool:
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi

I have an accountant working with me who is a wonderful woman. She is 32, has 5 children, two of which are mildly mentally handicapped.

Sharon is the opposite of the horror stories that we often hear. She took responsibility for the horrible debts that her ex ran up even though they were in his name and has worked hard to clear that mess.

She works full time, studies to complete her degree and lives an incredibly rich and full life.

Sharon plans to invest in her first IP later this year and after witnessing her attack on life and play cashflow successfully every time, I have no doubts that she will thrive at this as well.

My point?

You need protection from yourself more often than you do from a spouse. Sure, this is an exception than the rule, but, it is your attitude that often affects reality.

Have fun

Dale
 
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Reply: 1.1.1.1.1.1.2.2.1.1.1.3.1.1.1.1.1.1.2.2.3.2.1.1.1.1.1.2
From: Anonymous


Felicity, a little story for you.
Firstly, I've posted anonymously to protect the innocent (and guilty). When he was five years old, his father walked out on him and his 3 year old brother, and his mother. Not long after, the father went to court and successfully got him, his brother and his mother thrown out of the family home. The mother (then unemployed) had to find a house to buy so that they could have a roof over their heads. Life thereafter was a struggle of constantly chasing maintenance payments (often not paid) and minimal help with the bringing up of the two brothers. Father very rarely in the picture. At one stage, the father took the two brothers off his private health insurance because the mother asked for some extra money in maintenance. While the father lived it up and had a good time, life for the boy, his brother and mother, though not desperate, was hardly filled with luxuries. The mother, bless her, she's the best mum in the world, even though money was always tight, always bought the best of what she could afford for the boys, they always came first. I think about it today, and it still amazes me how much she sacrificed for us. Thanks mum! Who was that boy? Me. Now, don't feel sorry for me, that stuff is history. But don't EVER assume, that just cause I'm a man, I'll take the man's side. That's highly offensive to me. There are many men (and women) out there refusing to look after their responsibilities, but there are also men (and women) living below the poverty line because of greedy ex-wives (or ex-husbands). The story is the same, regardless of gender. And I stand beside my beliefs that anyone - male or female - should protect their assets before going in to a marriage, as you never know what's going to happen in the future.

P.S. And as long as people continue to believe that life is all about Male vs. Female in a cage match to the death, rather than celebrating the differences between the genders and openly accepting each other as both individuals and communal partners in this wonderful game called life, then divorce is going to be a very common word in all of our vocabularies. How about everyone become proactive and start taking responsibility for their own actions and feelings, rather than blaming everyone else for their mistakes, fears and lack of communication and do something about changing themselves, rather than trying to change everyone else (which has never and will never work). Wow, that's enough rambling from me, time to move forward, away from this subject.
 
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