How to Protect Yourself Financially in a Separation or a Divorce?

If you and your partner are taking a significant financial step together, then you may have questions about what happens to your property or assets if the relationship subsequently breaks down.

Following separation, ex-spouses and partners may be entitled to seek a division of the assets of the relationship which may include all property held jointly or individually regardless of whether the assets were acquired before the commencement of the relationship or after separation. It does not matter which partner paid for the asset, or from where they got the funds.

There are several methods in which you can use to protect your assets, for example, entering into a formal agreement with your partner. It is often more preferable and sensible to consider these steps on entering into a relationship.

Asset Protection Strategies

One of the most common strategy is by entering into a Binding Financial Agreement. This agreement is a private contract-like agreement between two parties that details how their property is to be managed and divided after divorce or separation.

Two spouses can make a binding financial agreement at any time before, during or after marriage, separation, or divorce.

If you are thinking about asset protection, it is important that you speak to a legal practitioner about the various asset protection strategies and how they apply to you. Each asset protection strategy suits a different purpose, and you will need to speak to an expert about your personal circumstances to know which is best suited to your needs.

Other than Binding Financial Agreement, again depending on your particular circumstances, an asset protection strategy that you may be suitable for can be one if not all of the following:

• Family trust;
• A superannuation fund; and/or
• A will.

If you would like to find out more on which strategy suits your needs or find out more about your rights and options, Straits Lawyers are here to help. Simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an online interview.

Alternatively, if you would like to have a Binding Financial Agreement or Consent Orders drafted, Straits Lawyers are now offering online services at https://straits-lawyers.square.site/product/family-law-binding-financial-agreement-consultation-bfa-/5?cs=true.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.