One of the most frequent questions we are asked is: “Are the assets I owned before marriage or the assets I acquired post-separation immune from being split from my ex-spouse?” A similar question is: “Is my inheritance protected from my ex-spouse?” Ordinarily, the answer to those questions is no.
However, we can assist you to design legal strategies to help you protect the assets you brought into a relationship, the assets given to you by your parents, and the assets you worked hard for after you and your ex-spouse have already separated.
From time to time, we meet clients who tell us that their accountant has advised them to “Just put everything in a trust.” Unfortunately, it is not so simple. Our expert family lawyers will look at your financial situation and advise you of how best to protect your assets.
In Australia, there is no specific legal document called a Prenuptial Agreement. However, we do have something similar, called a Binding Financial Agreement. The beauty of that document is it can be signed even after you and your spouse have married or commenced living together.
If you are a parent or grandparent who has given their child some money or is intending to give their child financial assistance or is intending to leave your child money in your will, have a chat to one of our expert family lawyers about how that money can be protected if your child were to separate from their spouse. At least 50% of the matters we take to Court involve some sort of inheritance, gift, or loan from a family member. That’s why it is best to take early asset-protection measures rather than pay a hefty price later when the matter ends up in Court.