Hi everyone,
I was speaking to a friend who works in the family court, who was telling me it makes no difference what entity a property is held in. Whether it is held in a personal name, trust, SMSF or even in someone else's name, if you own/control the property then it is put into the 'pot' and split up when going through a divorce.
A family member of mine was told the exact opposite by both his accountant, and a friend who has been through a divorce.
Can anyone confirm which is correct?
The reason for my question is that divorces are unfortunately so common in this day and age. If there is a 'safer' structure then I'd like to know about it sooner rather than later, as I'd rather take $1M assets into a marriage in a 'safe' structure than $2M in a 'vulnerable' structure.
Also could anyone recommend someone to see about the implications of each structure and which will be best for asset protection etc?
Thanks
I was speaking to a friend who works in the family court, who was telling me it makes no difference what entity a property is held in. Whether it is held in a personal name, trust, SMSF or even in someone else's name, if you own/control the property then it is put into the 'pot' and split up when going through a divorce.
A family member of mine was told the exact opposite by both his accountant, and a friend who has been through a divorce.
Can anyone confirm which is correct?
The reason for my question is that divorces are unfortunately so common in this day and age. If there is a 'safer' structure then I'd like to know about it sooner rather than later, as I'd rather take $1M assets into a marriage in a 'safe' structure than $2M in a 'vulnerable' structure.
Also could anyone recommend someone to see about the implications of each structure and which will be best for asset protection etc?
Thanks