NSW Asset Protection

[Winston]

Hello,

I hope someone can help.

My marriage is probably heading for divorce in the future. My biggest fear is I have more assets than my spouse and am afraid of losing those assets which I have paid for outright and which my spouse has made no contribution in upkeep or costs. During the course of our marriage we have kept our finances separate so my spouse does not know precisely what assets I have and how much money I have. Is there some way I can divorce and not lose these assets? Can you recommend an expert who might help?

Thanks

 

[CSFLW]

Winston

First how long is the length of the marriage?

 

[Winston]

Thanks for your response. I have been married for 20 years.

 

[CSFLW]

Without knowing the background of the relationship, it is difficult to give you accurate advice.

In general speak, however, the Courts assess financial contributions in terms of the time they were made during the relationship.

The earlier the contributions were made the less weight the court will give to them.

Happy to help, email us [email protected]

 

[sammy01]

20 yrs? do you have kids? how old? how much time will they spend with each of you.
Look. - you're not gonna get away with not handing over a cent to her.... At 20 yrs, you can expect the ex to take close to half... Bitter pill to swallow...

 

[Dpj]

My understanding is that if you dispose of assets more than 12 months before separation (may be divorce or trial- just double check) then you don't have to disclose them. Do you have a family member you trust? Sale and buy back. Then split up 12 months later. Honestly, sometimes I wish I had done this

 

[Atticus]

My understanding is that if you dispose of assets more than 12 months before separation (may be divorce or trial- just double check) then you don't have to disclose them.

The rule you are alluding to is probably Federal Circuit and Family Court of Australia (Family Law) Rules 2021 .... 6.06 Duty of disclosure in financial proceedings, section 3 (f)(g)

(g) any disposal of property (whether by sale, transfer, assignment or gift) made by the party, a legal entity referred to in paragraph (c), a corporation or a trust referred to in paragraph (f) that may affect, defeat or deplete a claim:
(i) in the 12 months immediately before the separation of the parties; or
(ii) since the final separation of the parties;

That aside, given the length of the marriage of the OP of this thread especially ,ie, 20 years, it wouldn't be hard to convince a judge to order a disclosure of all assets going back further than 12 months if there are claims of disposal of significant assets of which the affected party has made substantial contributions, be it financial or non financial.

Do you have a family member you trust? Sale and buy back. Then split up 12 months later. Honestly, sometimes I wish I had done this

If carried out without the knowledge of the other party, what you are proposing is demonstrably fraudulent. Basically, any order made could be set aside & the proceedings done over with proper disclosure. There is also the prospect of that fraudulent party being ordered all the other parties legal costs as well..

Bottom line, not good advice.

 

[Dpj]

Disagree Atticus, in fact my advise is probably what the OP was wanting so he can look at that law further.

If the parties are married you don't have to disclose sales done for assets in your sole name. so how could it possibly be deemed fraudulent? There is no rule saying a married couple needs to tell his wife he sold something. Plus, OP said other party doesn't know about these assets. So if proceedings start 12 months after disposal then what can happen?

 

[Atticus]

how could it possibly be deemed fraudulent?

Your scenario proposes that you dispose of an asset and take back possession at a later date for the sole purpose of defeating the claim of a spouse and gaining a financial advantage. How is that NOT fraudulent.

So if proceedings start 12 months after disposal then what can happen?

See my first post

 

[Dpj]

Your scenario proposes that you dispose of an asset and take back possession at a later date for the sole purpose of defeating the claim of a spouse and gaining a financial advantage. How is that NOT fraudulent.

See my first post

In regards to fraudulent, what law is it breaking? Morally I agree with you, but legally what law is he breaking