How To Keep Your Assets In The Family During A Divorce
Divorce is traumatic and the in a lot of cases when it comes to dividing up assets it becomes a secondary thought. Unfortunately not many people know that you need to apply for property settlement within a year of separating.
Time limits to Beat
Property settlement applications divide the financial resources in a marriage as well as the assets. These include businesses, furniture, debt, vehicles, investment, superannuation and the family home. If you do not apply for property settlement, assets that are in one partner’s name will be retained by them. In New South Wales, de facto couples need to apply for property settlement within 24 months of their separation.
The other problem is that couples that do not get legally divorced is that their partner can apply for property settlement years later. This includes any assets acquired after their time together. They should also agree that everything in their individual names is theirs when they go for property settlement. This way each partner protects their individual assets.
Seeking Court Action
You can get personal property directions from a court. This will allow you to access your property if you have left your marital home. It can also protect your property when you are involved in a marriage that resulted in divorce because of violence. The property will have an exclusion order to prevent the other person access your home. If the partner is the perpetrator of the violence they may also remove their property from the home where they were excluded using personal property directions. There are laws that may prevent an excluded person from taking certain property or getting some property returned. The excluded person may be asked to return personal property that belongs to both of them. In some situations the property owned by the excluded person may be given to the spouse even though it is personal if they or the children require it.
It is important to engage the services of an experienced Family Law Lawyer after separation who can give you invaluable advice on how to handle the property settlement and ensure that your personal assets are protected. You may need to get consent orders rather than depend on informal agreements. This will prevent unpleasant surprises later on when one party goes to court to ask for more. It is important that you note any property that you brought into the marriage and assets that you may have acquire. If you have proof of this then you may well save your personal assets. There isn’t a hard and fast rule on how to keep your personal assets in your family upon a divorce. Quick action and legal assistance is the only way to protect them.
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Matraville NSW 2036
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