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VIC Keeping Money for Safe Keeping - Put in a Trust Fund?

Discussion in 'Family Law Forum' started by skywatcher65, 26 June 2015.

  1. skywatcher65

    skywatcher65 Member

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    Hi everyone, this my first post. I am looking for a bit of advice for a family member. He has won a considerable amount of money and he has set up his bank accounts, a personal one for him self and one for his partner and a joint one, together with equal amount in all three accounts. He now wants to reconsider the above and wants to hide one part of this money so it can't be touched or included if a separation occurs in the future. Would setting up a trust fund stop this?

    Any information would be appreciated, the money is yet to be split. The money was won solely by my brother with no input by his de facto.

    Thanks
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi Skywatcher65,

    Putting money in a separate or individual trust account will not help with keeping it from being considered in property division. It does not matter if the money was solely won by him, without his partner's direct contribution. Individual assets can be considered "shared property". There is no hard and fast rule for this. Basically, each asset is considered individually.

    If he'd like to learn more about property division after separation, he can read: Property Settlement After Separation: Agree Now, Don't Paying Later - Blogs - LawAnswers.com.au.

    If he's still considering setting up a trust, he should really speak with an accountant, financial advisor or taxation lawyer. It sounds like he is looking to set up a complicated financial structure, a financial professional would be better placed to advise him.
     
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  3. AllForHer

    AllForHer Well-Known Member

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    In addition to the above, the parties might consider signing a binding financial agreement, which also should be done under legal advice.
     
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