In this video, CGW family lawyer Tiana Harris talks us through her top tips for protecting your finances from your partner.
Hi, I'm Tiana and I'm a lawyer in the family law team at Cooper Grace Ward.
A question we get asked often, particularly by young professionals, is how do I protect my finances from my partner? The first answer is that you should enter into a binding financial agreement if your partner agrees to sign such an agreement. A financial agreement is the highest that the law has to offer in terms of protecting your assets.
If your partner does not agree to sign a binding financial agreement, the next tip is to keep your income and assets completely separate throughout your relationship. Just because you've been married or are in a de facto relationship does not mean that you are automatically entitled to a property settlement. To keep your income and your assets separate you can do things like maintaining sole bank accounts, so there's no blending of finances, ensuring that the real property that you purchase is in your sole name and not held as joint tenants or tenants in common with your partner. If you make improvements or renovations to the property that's in your sole name, make sure that you pay for them yourself and always make sure to keep detailed records.
In addition, you can also prepare your Will such that you leave your estate to your children if you have any or your family.
Cooper Grace Ward is a leading Australian law firm based in Brisbane.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.