One might want to protect their inheritance from their spouse for several reasons. Keeping your future inheritance separate will establish a proper boundary and avoid confusion in case of a divorce.
The steps of protection can vary on several grounds. The judgment of the court may vary if you received your inheritance before or after the separation or if your ex-spouse paid a part in donating to the inheritance. Know more about your legal rights from the separation lawyers in Perth.
For partnered couples, keeping your inheritance separate from each other is safer. The partners must have clear communication on this subject to avoid any conflicts. Taking some preventive measures may help even in a happy marriage.
Avoid having joint ownership with your spouse in any inherited property, as it may allow your partner to claim a part of your inheritance. In the case of bank accounts, ensure to make separate accounts to secure your assets. You must keep your inheritance funds in a separate account for safekeeping. It is better to lay the rules for your partner to avoid inconsistency.
Under Australian law, your family assets come in the domain of your inheritance. During a property settlement law, the division of inheritance between partners may depend on your previous decisions. If you have previously settled on a joint ownership or a joint bank account that holds your inherited assets, your ex-partner will be able to access a part of it.
The court also judges based on the financial position of the partners. The court will, therefore, divide the assets accordingly.
A financial agreement is described as a “legally binding document” under the Family Law Act of 1975. It is a documentation of agreement between the two ex-partners about certain financial arrangements that work for both. The financial agreement is viable for divorce cases.
The arrangement can be established either before or after marriage. If arranged before marriage, it is called a prenuptial agreement, and after marriage, it is called a post-nuptial agreement. If you are going through the process during divorce, it can be termed a separation agreement.
Proper documents are important in financial matters. It is important to check if you have all of your financial documents, property documents, bank statements, and others. Also, the materials that validate the difference between personal inheritances and other joint assets should be kept.
Keeping a separate bank account for both spouses is beneficial in separating inheritance funds for both parties. It can help to establish a clear division between the partners, even in the case of joint marital assets.
If you include your partner’s name in the inherited assets, it can give them access to the joint funds. After separation, your ex-partner will be able to transact their part of the assets. Since your inheritance funds are personal properties, you must keep them separate.
Open communication is the most basic yet most important part of dealing with assets or finances. Before contacting a lawyer, discussing your financial plan with your spouse is better.
Lay down your expectations and understand your financial goals concerning your partner. This will help you both to avoid misunderstandings and further conflicts. Even if you cannot reach an agreement, try to reach a common ground that includes equal levels of sacrifice on both sides. Then, finalize the agreement in writing, which will help to validate your agreement legally.
Separating inheritance assets from a spouse can be a sensitive issue. Often, it gives rise to more complications than is anticipated. To avoid such conflicts, the partners must establish proper boundaries and have clear communication. In addition, there are certain actions you can take to protect your future inheritance from your partner in case of a divorce. It helps maintain a separate bank account and reach a financial agreement. With the help of the best divorce lawyers in Perth, you can get the required advice regarding court judgments. Contact an experienced divorce lawyer today.
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