Taking some actions to guard your assets before a divorce
Finalizing a property settlement may not give you an assurance that the lump-sum of money you are about to receive is already safe. Although the property settlement may be fair and reasonable there is still a chance of your ex-partner will spend your share before it reached your possession.
Before it too late, it is important that you are prepared for every situation. Detailed below are some guidelines on how to guard your assets against prospective loss that you can put into action.
- Seek for an urgent interim restraining order which temporarily closes bank accounts until both parties set out the instructions or the court gives an order.
- Seek for flagging order about superannuation to ensure that the superannuation should not be paid out to the account holder unless the flag is lifted through an order. You can also put an admonition on a property to stop the party from selling the property until you lift it.
- Connect with a third party on your application, which you may order not to pay benefit to your ex-partner until the court considers the risk of asset loss.
In situations where there is an immediate need to guard the resource or when there is a chance of assets being wasted, you can apply for an ‘ex parte order’ to the judge without giving notice to your ex-spouse. There might be at risk of asset loss if your ex-spouse is a gambler drug dependent, having high financial obligations and loans, or other having other activities connected to extreme expenses.
An ex parte order is any proceedings introduced by one person before the judge in the absence of the other spouse or without prior notice to the other spouse. This can also work in some instances involving family assault, child abduction, airport watch alerts, and enforcement proceedings. In applying for ex parte order to secure your assets from a potential loss before the divorce, you have to follow certain legal steps to avoid further disputes in the future.
Taking some actions to guard your assets before the divorce is granted ensures your right to have a reasonable and fair proportion of your matrimonial assets. Since the process can be difficult, it is important that you receive a legal counsel before deciding what to do. A lawyer can help you understand your legal rights and responsibilities.
Disclaimer : This article provides basic information only and is not a substitute for a professional or legal advice. It is prudent to obtain legal advice from a family lawyer.