I think Cattleya is correct. The Family Law Court has powers that other courts do not have – including the ability to unravel trusts. However, having a trust is a good start as the other party has to find the assets before they can attack them. Getting them in a trust asap will provide some help – but probably not much.
I think the only solution is a life of celebacy! or least a live living alone!
And have a look at the recent case of a company director who is just getting out a jail. He was went bankrupt, but his wife is still rich though.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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All, …. given this discussion is not answering Sitting on the Fence's original questions, this is my last post on this. Promise.
I maybe a young romantic who's full of nothing but ideals. However, can I please ask why you (maybe seank??) think it's not fair.
When you stay at home (house husbands as well as housewives) looking after your kids, don't get a chance to build your own nest egg and suddenly your spouse finds somebody else…, wouldn't you want to be protected? Example is Greg Norman and his ex wife.
Also, if your gold digging spouse wins $13 mil lotto and suddenly wishes to divorce you, wouldn't you want a piece of the winning as well?
Adler still has $10 mil but he used to have $100 mil. His client put in his life saving of $50k and got only $5k back. Sure the client lost his life style, but it's not Adler's fault that the client only had $50k in the first place and did not have the wisdom to put it into different buckets. I'm sure Adler did not deliberately set out to bankrupt his company, but he made mistakes and shits (excuse the pun) do happen.
I don't condone what Adler did, just think that we all should be accountable for our own mistakes and shits (excuse the pun) do happen.
Kind regards,
CattleyaCattleya
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
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