Asset ownership in family law matters
Many people ask if they are protected if all of their assets are in their name.
If you are in a relationship with someone, considering living with your partner, are currently or in a relationship or have separated, it is important to legal advice to know where you stand legally and to protect your rights.
If you are bringing in assets into a relationship, you may want to consider speaking to a lawyer about a Binding Financial Agreement. You may have heard of a prenuptial agreement and it this document is similar. A Binding Financial Agreement can outline what happens if you separate.
It is important you understand the significance of what you bring into the relationship (and that you may not get to keep it depending on when and in what circumstances the relationship may end).
If you are already in a relationship, you may also be able enter into a Binding Financial Agreement, which would outline what would happen in the event of a separation.
For those of you who have already separated, it is important for you to get legal advice to ensure you are legally protected and that your financial relationship is legally finalised. Many people believe that if they amicably divide their assets following a relationship, that that is the end. It is important you be aware of the risk of a property claim and/or spousal maintenance claims if you fail to finalise your financial relationship via a legally recognised method.
In the event that you separated, we can explain your options to finalise the relationship and this can be done via a Binding Financial Agreement and/or Consent Orders.
We can also speak to you about making an application to the Court if you do not believe the division of assets will be amicable.
It is important to know that having things in your name does not automatically mean that you have the sole right to them. Your partner or former partner may have an interest and it is important that you obtain legal advice as to how to best protect your assets.
For more information or advice regarding asset ownership or any family law matter, contact Claire Naidu & Co, Lawyers and Mediators. Click here for our contact details.
Note: This blog does not constitute legal advice and Claire Naidu & Co is not responsible for any reliance upon its contents in the absence of legal advice being provided to you in conference or in writing concerning your specific circumstances.