There are a number of practical steps that can be taken to protect your assets including entering into a formal agreement with your partner (see 'Formal agreements with your partner: cohabitation, pre-marital and financial agreements').
It is sensible to consider these steps on entering into a relationship. It is also advisable to review them on the occurrence of significant events in your relationship such as birth of children, purchase of property, receipt of significant gifts or other payments.
The best way to protect your assets will depend on your particular circumstances. Some of the steps below can have negative effects such as tax liability. We would recommend that you should seek legal and accounting advice before embarking on any particular course of action.
Although these practical steps will not prevent a claim in respect of assets you bring into the marriage, it may assist with more clearly identifying your contributions, which is of importance when determining your entitlements.
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