How to Protect Assets From Divorce in Australia
Divorce or separation can be a complicated process, particularly when it comes to dividing up assets.
It is important for individuals considering divorce or separation to understand the legal rights and protections available in Australia.
As experienced family law specialists, Justice Family Lawyers are here to provide a comprehensive overview of what you need to know about how to protect your assets from divorce in Australia.
Quick Summary
- Consider getting pre-nuptial agreements.
- Consider getting loan agreements in place from money that you have received from family members.
- Anything that is your name could be included in an asset pool that could be divided.
Consider Pre-Nuptial a Agreements
It is important to consider entering into pre-nuptial or co-habitation agreements, that can provide legal protection for your assets during and potentially after divorce or separation.
These agreements usually occur before marriage and they can provide specific boundaries and expectations should the marriage end.
For existing relationships, a BFA could be considered. These agreements can specify how assets are to be divided between parties upon separation, and can be tailored to each person's specific needs, interests and goals.
Consider loan agreements
It is very common for people to obtain large sums of money or property from family members or parents who are trying to support their children to purchase a house of their own.
If this is done, it is always advisablee to obtain a loan agreement from a lawyer who will be able to document the terms of the money that is advanced.
This is very important - as funds that are advanced throughout a relationship could be considered to be part of the matrimonial asset pool, and divided between the parties upon settlement.
How to Protect Assets from Divorce in Australia
In addition to understanding legal rights, it is important to seek professional financial advice.
It is important to note that the division of assets in a divorce or separation is a complex process that requires careful consideration.
A financial professional can provide guidance and their expertise to give you a better understanding of the division process and of how to maximise the value of your assets accordingly.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
