Are you thinking of getting remarried or entering a de facto relationship? Ensuring your assets are protected is important to ensure your wellbeing and your family’s future. Read on for a quick guide on maximising your asset protection in a second marriage.
At Justice Family Lawyers, we have years of experience helping clients identify the best way to protect their assets through the effects of entering a second marriage. With the proper knowledge, individuals can make sure their assets are safeguarded both now and in the future.
In brief, here are 3 key steps to ensure the protection of your assets when entering a second marriage:
- Be aware of the laws surrounding asset protection
- Have a financial agreement in place
- Seek legal advice
Maximising Your Asset Protection in a Second Marriage
Whether you are married or merely entering a de facto relationship, understanding the law related to asset protection is essential.
In Australia, the law governing what happens to your assets when you enter a second marriage or de facto relationship is controlled by federal legislation called the Family Law Act 1975
Financial Agreements – the key to maximising your asset protection in a second marriage
This legal document should specify what assets each party has at the time of formation of the agreement.
The agreement should then include a schedule detailing the value of each asset and the percentage each party will receive if the marriage or de facto relationship breaks down.
A Binding financial agreement is a legally binding document and must be reviewed by each of the individuals entering into the agreement, as well as their respective lawyers.
It is a requirement to seek legal advice prior to entering into any type of Binding Financial Agreement to protect your assets in a second marriage.
This ensures your agreement meets legal requirements, and so you understand what the purpose of the document is.
An experienced family lawyer can advise you on the best way to structure and protect your assets, as well as provide advice on other matters such as financial disclosure, spousal maintenance and other specific matters related to your individual case.
Entering a second marriage or a de facto relationship can be a complicated process. It is important to be knowledgeable about the laws surrounding the protection of assets and to have the necessary documents in place to ensure you are financially secure. Seeking legal advice is the best way to gain a full understanding of your rights and responsibilities.
At Justice Family Lawyers, our team of experienced lawyers can help you understand your individual needs and provide appropriate advice. Contact us today to discuss how we can best help you protect your assets in a second marriage.
Principal of Justice Family Lawyers, Hayder specialises in complex parenting and property family law matters. He is based in Sydney and holds a Bachelor of Law and Bachelor of Communications from UTS.