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Family Forum – Asset Protection

Family Forum writes about asset protection using Binding Financial Agreement in relationships…

Question:

I recently purchased a house and mortgage after I broke up with my ex-fiancé (we lived together for 2.5 years). We only separated for 2 months, and now my ex is asking me to reconsider our relationship, he wants to move back in together again and get married. I would like to know how to I protect my asset from him just in case it doesn’t work out. What should I do?

Answer:

It is possible to sign an agreement known as a Binding Financial Agreement, which deals with your previous cohabitation and any future cohabitation.

Such an agreement can specify who is to retain what in the event of a further breakdown in your relationship.

There are a number of financial dangers ahead for you if you decide to resume your relationship. There is also the possibility of your ex-fiancé making a claim on you as a result of your previous cohabitation.

The panel recommends that you seek advice from an experienced family law solicitor as soon as possible.

Submit Your Questions

Family Forum is a panel of general practitioners, medical specialists, lawyers, therapeutic and financial counsellors to discuss each letter before the appropriate professional answers it. The panel is appointed by Relationships Australia SA.

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Fill out the form below or send questions to Family Forum, The Advertiser, 31 Waymouth St, Adelaide 5000.

We treat communications in strict confidence except when the law demands otherwise, as in child abuse.

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