asset protection divorce

Spouse 2 wouldn't be entitled to the wealth but could make an application for a property order. When looking at this the courts would take a 4 stepped approach
1. Identify the property
2. evaluate both financial and non financial contributions to the property by the parties
3. Identify and evaluate the future needs of the parties
4. Court can make orders that a just and equitable

Doesn't necessarily mean Spouse 2 will get anything.

 

theres no child in the scenario, valid point. what about if spouse (1) has all ip in his name never mixes financial stuff with spouse 2. both spouses work. i just feel like at some point common sense has to kick in. spouse 2 buys stuff for spouse 2. and spouse 1 buys stuff for spouse 1. idea is to keep financial stuff separate from get go.

 

Well guess what, then maybe spouse (1) gets to keep his stuff. It might work like "common sense" dictates as well.

 

Lol. This is the Family Court we are talking about.
As for Binding Financial Agreements our insurers hate them and have suggest all arrangements be done by consent orders. Allows us lawyers to charge an extra 5k.

 

I vote for the last option..effective as soon as marriage takes place..lol

 

Judges are humans. They have predispositions and opinions shaped by their life experiences even though they are supposed to be objective. Their decisions are therefore unpredictable.

That's why if you want a divorce/separation and the issue of asset distribution becomes an issue, a good family lawyer should tell you to try to work it out with your partner first. If you can reach agreement amongst yourselves, that's the best way.

If you want to fight on, you need to be ok with the fact that whatever you try to claw back from the partner will likely be eroded by exorbitant legal fees, and both parties roll the dice to have a judge decide on who gets what.

Best form of asset protection for someone who wants to be in relationship? find a partner who owns more assets

 

Bad news, I'm pretty sure if there are kids involved, in some circumstances the other half can get more than 50%.

But what can you do? Live alone forever and count your millions?

 

Perhaps when it comes to 'love' renting is cheaper in the long run than buying. lol

 

It's true
if kids are involved
courts' primary consideration will be what is in the best interest of the child ...
Even more reason for the parents to try work things out themselves

 

Ive got my gf wanting to move into my house now and she will contribute rent money every week if I go ahead.Things have gone really quickly over the last year is a pre nup the best option these days?

 

Every thing is all good now but just want to be sure for say three years down the track things dont always work out. People say pre nups dont mean anything these days and lawyers can get around them? can someone give me a straight answer.

 

Do both of you own pre-existing assets?

 

Yes We both have house s though mine is worth a lot more and I own 50 percent.

 

Nope, its not possible in short.

 

If the answers were all black and while there would be no civil courts!

 

These days they're called a "binding financial agreement", and the truth is somewhere in-between "they don't mean anything" and "they're ironclad". It's best to get individual legal advice.