VIC Separation - How can I Protect My Finances?

[Regretful wife]

I am looking at separating from my husband, but as a very low income earner, I want to protect my finances. We have no children and are only renting our property.

The separation would not be amicable and I have seen from his dealings with his ex. He is ruthless in his willingness to manipulate.

I have a term deposit which is in my name, that I do not want to lose. Is there any way I can ensure he cannot touch it? It would be all I have left.

 

[Sophea]

Hi Regretful Wife,

There are a few steps you can take to ensure that your assets are protected before property settlement.

• Close any joint accounts, and open a new account for just your money - where you can be paid into and put your own savings etc.
• Conduct a "stock take" of your personal and joint assets and debts.
• make sure that your name is taken off the lease if you move out so that you cannot be charged for any unpaid rent or damage caused by your ex.
• see a solicitor to get proper legal advice. (a solicitor can also take immediate action to freeze accounts adn assets to prevent your ex from vaporising them prior to settlement).
• update your will

If you need to have a court determined property settlement, all assets and liabilities owned by each party (whether jointly or solely) to the marriage are included in the property pool which will be divided. However pre-marital assets, (i.e. significant deposits that you brought into the marriage) while they are not excluded from the property pool, the party bringing them will often be given significant "credit" for them.

The best investment you can make is in good legal advice. You won't regret it.