4 things you can do to protect your assets in a family law dispute
So you are about to separate or have already separated and are not on the friendliest of terms. You suspect that your ex is going to try to sell or give away assets in order to reduce the relationship asset pool. Here are 4 things you can do to help protect your assets from being sold or given away:
- Know your assets. You should always know exactly what you own, what interest you have in an asset and its approximate value. Make a list and keep it up-to-date.
- If you suspect that your ex is disposing or going to dispose of assets without your consent, you can ask the Family Court to issue an injunction preventing that person from selling some or all of the assets of the relationship and/or from using the proceeds of sale. The key is to act quickly.
- If you are not named on the Certificate of Title of the property you have been living in, you may still have an interest in that property. In that circumstance, you should lodge a Caveat over that property. The effect of a Caveat is that it will record your interest in that property but will not prevent a bank from making a mortgagee sale due to default in mortgage repayments.
- You can ask the Court to make an order preventing a third party from dealing with your property eg a Court can make an order which prevents a bank from selling a property and/or making a trustee to transfer assets from one party to another.
You should always seek legal advice before attempting to undertake any of the options set out above. The best time to get that advice is before you separate or as soon as possible after separating. The longer you wait, the more opportunities your spouse/partner will have to dispose of joint assets.
If you need assistance or would like to know more, please contact one of our friendly staff at Bambrick Legal today:
- Call us on 08 8362 5269
- Email [email protected]
- Fill in our enquiry form here
- Visit our office at 133-135 Rundle Street,Kent Town SA 5067
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