Or just don't get married/become de facto. Shrug.
I thought de facto had very similar rights to assets ?
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Or just don't get married/become de facto. Shrug.
I thought de facto had very similar rights to assets ?
Just remember when there is a family dispute in Australia parties are required to disclose everything. You will be be asked for 15 years tax returns and bank statements etc. Failure to disclose or provide documents etc could be an offense.
I thought you only had to keep tax records for 7
They do, and that is what is being said here. And I believe now there doesn't have to be cohabitation for someone to claim being defacto?
If I get married and then divorced, is there some kind of private arbitration or negotiation that I can enter with the ex-wife to split the assets without incurring high legal fees and a long dispute and going through the court system?
If the wife came into the marriage owning very little, and in case of marriage breakdown, can I offer to give the ex-wife, say 4 IPś, and I keep 6 (or 3 : 7, or some other combination).
Instead of trying to ´protect´ my assets via pre-nupt or trusts, how about this idea:
Before marriage:-
- Refinance all 3 IP´s to extract the max equity (i.e LVR 90%)
- using this equity purchase additional IP´s with min. deposit on the new IPś (say 5%).
- for this example, say i can purchase an additional 7 IP´s (purely hyopthetical to keep
the numbers simple).
So now I have 10 IPś with very high LVR (90%+).
If I get married and then divorced, is there some kind of private arbitration or negotiation that I can enter with the ex-wife to split the assets without incurring high legal fees and a long dispute and going through the court system? Mediation is the best course if you can manage to be civil and work out a mutually acceptable outcome.
If the wife came into the marriage owning very little, and in case of marriage breakdown, can I offer to give the ex-wife, say 4 IPś, and I keep 6 (or 3 : 7, or some other combination).
This way, there is no need to sell any assets (minimise selling fees, CGT, etc).
And I think this would be fair, since we would each own some of the assets (IP´s) without actually selling ALL the assets and then dividing up the assets from the proceeds of the sale.
I think the ex-wife would be getting a pretty good deal, since she would get , say 3 IP´s (of course they would all be highly geared!)... likewise , i could keep the majority of the IPś (say 6 IP´s , also highly geared).
If she came with nothing, and ended up getting 3 IP´s , i think this would be a good deal for her.
Why would this be a good deal for her. She is "getting" three IPs, all highly geared. If she cannot service them, how is that good for her? On one hand I'm a bit concerned that you are "planning" on failure, but on the other hand I think it is good to be aware of an exit strategy if things turn south.
Does this idea make sense? Does it have any merit?
I prefer this to having to sell any IPś in case of divorce and then dividing the proceeds.
Of course, if the marriage is a happy one and we never divorce, we both end up enjoying the benefits of being invested in the real estate market, and watch as our IP´s grow in value over the years
Much better attitude.
I think this would be a good way of doing things, since my plan all along was to buy as much real estate as I can, as early as I can, and NEVER SELL. (buy, reno, reval, and repeat as often as possible).
Thanks,
I think the nail was hit on the head early on in the thread. Find a nice girl who is worth more than you.
Perhaps you won't find her at a B&S ball, but there are discreet introduction agencies for high net worth individuals and there are many single women out there who have exactly the same problem. They would like to find a good relationship but are aware that they need to have their assets protected.
Just a thought...
Not really a solution but does it take both parties to get a divorce? Or could you just refuse to divorce your spouse and thus not have to split assets?
After 13 years of marriage I haven't regretted my decision for a moment.
Our unmarried son has a fully owned $300,000 property in his name at age 26 (paid for with some help from us, an inheritance and his own resources) . We had a lawyer draw up a legally binding document that indicated we had "loaned " him $200,000 to assist with purchase of the property at an annual interest rate of 10 percent. No payments are required unless we decide we wish to call the loan in (plus of course all interest owed.) The amount "owed " will quickly escalate to a point where a partner (which by the way he now has ... nice girl but who knows...?) would not be able to get access to the asset. Maybe you have a relative or parent you can trust to establish this sort of arrangement? Absolute trust is critical of course.
Steve
Yeah, what about your spouse tho?
Steve - couple of problems with this. Did you actually loan the money?
What would happen if you went bankrupt? If you died?
We use the points system. As long as I earn enough points she stays happy.
It keeps me on my toes because she sets the rules for how points are earned and their intrinsic value at any given point in time.