VIC keep a property away from my marriage

[Zac]

My parents want to give me 600,000 dollars to buy an investment house, but i want to keep it away from my marriage in case something happen in the future so my wife can't take half of it because it's my parents money in the end.
i already have a house with my wife right now.
what's the legal action to avoid this situation?

 

[Atticus]

IMO the safest way would be for the parents to buy the property & be the owners as named on the title, making provision in their will that it passes to you...

Even as a gift to you specifically, if it's in your name & acquired during marriage, there is really no way of preventing her claiming some equitable interest in it should you separate.. There is a possibility that you could look at entering into a Binding Financial Agreement that excludes the property, BUT, she would need to agree to it & they can be challenged in some circumstances

 

[Zac]

my parents living overseas . and my wife will not mind to sign an agreement.
can you tell me what's the Binding Financial Agreement , and what's the process?

 

[Atticus]

If you google Binding Financial agreements there is a heap of info online... In short, to make the agreement binding, you would both need to be given independent legal advice on the pros & cons of the terms of the agreement & a certificate signed by each lawyer confirming that has been done

 

[Zac]

what about a form saying that she don't want anything from this property and she will sign it .
as you know we still married i'm doing this so my parents feel safe to give me the money because we had bad example in the family

 

[sammy01]

how long have you been married?

 

[Atticus]

what about a form saying that she don't want anything from this property and she will sign it

No... Useless piece of paper in the eyes of the law.... It MUST be a BFA as I have described above, in your case pursuant to Section 90C of the family law act >>> FAMILY LAW ACT 1975 - SECT 90C Financial agreements during marriage