Hi all,
Wife of 14 years has indicated that, sooner or later, she'll want a divorce.
Basically, she has contributed practically nothing financially, she has next to no savings and no super.
I have a large amount of super, the apartment we live in is in my name, my car is in my name, all our bank accounts are separate. I've always paid the rent (prior to buying the apartment) and have always paid the mortgage, utilities, etc., with no assistance from her. She's recently begun paying me rent however (for the last month or so). In addition, I have small nos. of share held onshore and offshore, and a few thousand with Vanguard. And that's all my assets.
One question: would anyone be able to find out if I hold shares offshore? Would setting up a self managed super fund, or some sort of trust help me to protect my assets? I know some may frown upon these sorts of questions but, for one thing, I've spent about 40 years working to build up a super nest egg, and I don't see why someone who has basically already benefitted greatly financially from our relationship, should get, say, 30% of my super.
Apartment is probably worth about $340,000 and I figure I should have it paid off in about 3 years, if I continue repaying at the current rate.
My parents are in their 80s and I'm due an inheritance that I think will be somewhere in the region of $500,000.
I'm 56, she's 66.
I simply want to know what, if anything, I can do to protect my assets upon divorce - I do not want to negotiate a binding financial agreement with her. Even if she did agree to a BFA, I don't think that, in itself, puts me in any better a position - i.e., if there's no BFA, then we have to enter into a property settlement agreement, upon divorce - either, way, I think I would basically end up in the same position. So, again, I figure it comes down to whether it's possible to protect my assets, in any way.
I don't think she could gather the financial resources needed to take me to court if she's not happy with what I give her in a settlement. Though, I guess she could engage a lawyer on a 'no win, no fee' basis. But, I think that, basically, if what I give her is fair, she's not going to take me to court and potentially lose tens of thousands of $ on court costs.
Anyway, thanks for any advice.
Wife of 14 years has indicated that, sooner or later, she'll want a divorce.
Basically, she has contributed practically nothing financially, she has next to no savings and no super.
I have a large amount of super, the apartment we live in is in my name, my car is in my name, all our bank accounts are separate. I've always paid the rent (prior to buying the apartment) and have always paid the mortgage, utilities, etc., with no assistance from her. She's recently begun paying me rent however (for the last month or so). In addition, I have small nos. of share held onshore and offshore, and a few thousand with Vanguard. And that's all my assets.
One question: would anyone be able to find out if I hold shares offshore? Would setting up a self managed super fund, or some sort of trust help me to protect my assets? I know some may frown upon these sorts of questions but, for one thing, I've spent about 40 years working to build up a super nest egg, and I don't see why someone who has basically already benefitted greatly financially from our relationship, should get, say, 30% of my super.
Apartment is probably worth about $340,000 and I figure I should have it paid off in about 3 years, if I continue repaying at the current rate.
My parents are in their 80s and I'm due an inheritance that I think will be somewhere in the region of $500,000.
I'm 56, she's 66.
I simply want to know what, if anything, I can do to protect my assets upon divorce - I do not want to negotiate a binding financial agreement with her. Even if she did agree to a BFA, I don't think that, in itself, puts me in any better a position - i.e., if there's no BFA, then we have to enter into a property settlement agreement, upon divorce - either, way, I think I would basically end up in the same position. So, again, I figure it comes down to whether it's possible to protect my assets, in any way.
I don't think she could gather the financial resources needed to take me to court if she's not happy with what I give her in a settlement. Though, I guess she could engage a lawyer on a 'no win, no fee' basis. But, I think that, basically, if what I give her is fair, she's not going to take me to court and potentially lose tens of thousands of $ on court costs.
Anyway, thanks for any advice.