Protecting My Assets in New Relationship

imnotarobot on 30/06/2021 - 14:38

In a new relationship, my partner is renting a couple of rooms from me but we sleep in the same bed. I have a rent agreement with her and bills are 50:50.
I have a fair amount of assets, plus am doing well on my mortgage.
Currently we have seperate bank accounts and pay our own way (no one Person pays for everything, we half grocery bills or if we go out).
I’m five years from paying off my home and want to protect the considerable amount of money I’ve put into it over the years.

Is a rental agreement enough to prevent my partner asking for half my stuff if things go south? Currently she doesn’t work and lives week to week. I work full time on good money for what I do.
I’m in it for the long haul with my partner but if something goes wrong I want to protect my assets.

Financial

Comments

  • Thorn69 on 04/07/2021 - 09:40
    -4

    seems like a messed up relationship if your worrying about this, they cant take anything unless they are married to you aslong as you can prove ownership and do not have a child with her

  • MrThing on 04/07/2021 - 10:51

    the myth of 50/50 split is a well trodden myth

  • pharkurnell on 04/07/2021 - 11:31

    Before I took any of the mixed 'expert' advice from this thread, I'd be seeking proper legal advice or you may as well sign the house over to her now

    YMMV

  • MND on 04/07/2021 - 11:55

    If your just in a relationship and you don’t trust hers kick her to the kurb and save yourself the heartache and all the bull crap around creating contracts!

  • Raj09 on 04/07/2021 - 14:22

    We ask pre nup we want pre nup. Listen to Jamie foxx and kanye west on this. I ain't say she's a gold digger.

    So that's what happens after the tenant bangs the landlord on the movies

  • screensaver on 04/07/2021 - 14:44

    I have an asset and as my next of kin has been extremely rude to me, I must go to a lawyer to get a Will made. and leave it to a charity

    • studentl0an on 04/07/2021 - 15:07

      They will be able to contest the Will.

      Sell it and give it to charity before you pass if you don't want the majority of the asset going to lawers.

      • screensaver on 04/07/2021 - 15:10

        I am going through public trust. I dont care if they get a share, I lived in their state and have at times benefitted from them. This is more of an interim measure, as I dont want that person to benefit

        • studentl0an on 04/07/2021 - 15:15
          +1

          Registered charities spend the far majority of their donations on things like advertising and HR departments. Very little actually goes to helping people.

          Can I suggest that you consider that even if that person has been rude to you, they are still your blood and you getting this revenge on them will not be good for your soul.

          Better to kill them with kindness from beyond the grave than keep negativity in perpetuary.

          • screensaver on 04/07/2021 - 15:17

            @studentl0an: they caused a lot of trouble and tried to get me rejected by the rest of my family. I cannot support people who caused trouble for me

            • studentl0an on 04/07/2021 - 15:21

              @screensaver: You're not supporting anyone, you're not alive anymore in this case and the only reason you are doing this is to hurt another person who has hurt you. That goes against the teachings of many religions.

              Fix the feud while you are both still alive, there's more important things than being petty. People will think of you more fondly in their memories if you don't appear to be lashing out from beyond the grave.

              • screensaver on 04/07/2021 - 15:24

                @studentl0an: I am still civil and forgiving. This person has had 2 inheritences already. As for the charity, I have chosen Medicin Sans Fronteirs, as doctors put their life on the line to help others.

                • studentl0an on 04/07/2021 - 15:27

                  @screensaver: It doesn't sound like you are forgiving if you are serious about this. It doesn't sound particularly civil to me either.

                  If they are a close relation and you leave them nothing, while giving all to charity - that person will be able to contest the will and they will get the money anyway (while also going to your estate lawyer and their lawyer).
                  https://www.mauriceblackburn.com.au/blog/2016/november/18/wh…

                  Unless you do it now while you are still alive.

                  • screensaver on 04/07/2021 - 15:31

                    @studentl0an: As I said, it is only an interim measure.

                    • studentl0an on 04/07/2021 - 15:32

                      @screensaver: A Will is not an interim measure.

                      • screensaver on 04/07/2021 - 15:33

                        @studentl0an: yes it is, as it can be changed, My circumstances will likely change, but wont change for a few months or more

                        • studentl0an on 04/07/2021 - 15:35
                          +1

                          @screensaver: A document titled "Last Will and Testament" is not an interim measure, regardless if you think of it as such. It is very much a final and legally binding document until another one is made.

              • belongsinforums on 05/07/2021 - 10:43
                -1

                @studentl0an: Religions taught me that women and gays are inferior. lovely stuff

                • studentl0an on 05/07/2021 - 10:56

                  @belongsinforums: I find it weird that out of the entire exchange I had with hellopam, the part about how I said all religions teach to turn the other cheek and to practice forgiveness is the part you took offense to, and decided to comment on rather than the actual issue at hand. That is virtue signalling that offers no positive contribution in any context. You just wanted to word vomit your personal beliefs when someone mentioned religion in a positive light.

                  Religions also says to love thy neighbor and 99.99% of religious teachings are about being a loving, moral person with the lessons of the time period.

                  I guess if you worship at the altar of secularism you will only see what you don't like about things you already didn't like. All the while you become religious about the tenants of yet another 'ism', but because it doesn't have an omnipotent being someone you think it's right.

                  • belongsinforums on 05/07/2021 - 10:57

                    @studentl0an: Wait so religions tell you to love each other, but also that gays don't deserve rights. Which teaching is correct?

                    • studentl0an on 05/07/2021 - 11:27

                      @belongsinforums: Homosexuality is a sin in religious texts because ALL SEXUALITY that isn't to do with procreation is a sin. Therefor pride in any sexuality is a sin in a religious context.

                      You can love a person yet understand what they are doing is a sin as written in religious texts.

                      I'm not a religious person and I have no issues with homosexuality, but I think you have to be pretty daft to not understand the reasoning for the teachings in religious texts and to only apply your post modern cultural norms to the prior thousands of years of humans civilisations.

                      For you to call me a nutter in a further post because I'm open to all religions, yet not think of yourself as a very close minded person who can only have contemporary post modern marxist views of the world is very telling. Maybe in time you will grow to be more open minded. I remember when I was young I was a fervent post modern marxist until I gained a more encompassing view of the world. What foolish beliefs I had, like you have now.

                  • screensaver on 05/07/2021 - 11:10

                    @studentl0an: I have already provided saintly forgivemess. But that doesnt extend to giving them free money as they already said they dont care about me, I would not leave anything to anyone if I knew that person didnt care about me.

                    • belongsinforums on 05/07/2021 - 11:25

                      @screensaver: don't listen to this nutter. religions are nothing more than a devotion to fairy tales. you don't owe anyone shit. live your life as you see fit

                      • screensaver on 05/07/2021 - 11:30

                        @belongsinforums: I agree about the forgiveness but that doesnt extend to my assett

                        • belongsinforums on 05/07/2021 - 11:40

                          @screensaver: its a crappy life if you live thinking you owe other people crap and that you're not doing well. you do you

                          • screensaver on 05/07/2021 - 11:43

                            @belongsinforums: I am doing well, this person doesnt even know about my assett, I called public trust, they only do it free for age pensioners, wont be doing it with them

  • studentl0an on 04/07/2021 - 15:38

    You've already signed over half your assets without intending to do so. A BFA isn't worth the paper it's written on (although still may be worth considering) and putting your assets into a Trust now will just look very dodgy if it was ever scrutinized by a court.

    My advice is treat this girl very well so that she treats you very well, and that way the chance of needing to split the assets will remain low.

  • Kiro on 04/07/2021 - 15:39

    Welcome to being in a relationship. Really you would be better off with someone living in a separate house a they can't claim defacto relationship.

    • p1723 on 04/07/2021 - 17:05
      +4

      "Example 3: Two people have been in an ongoing intimate relationship for 8 years but live at separate addresses. Although the 2 are committed to their relationship and are perceived by family and friends to be a couple, they have no plans to live together as neither wishes to significantly alter their lifestyle. The couple have separate bank accounts but often pool their resources for holidays, bills and meals, and they share ownership of a holiday home.

      Finding - the parties may be considered to be in a de facto relationship, despite not living together, as they have an intimate and ongoing relationship, are recognised socially as being in a relationship, and pool resources in certain situations."

      https://guides.dss.gov.au/guide-social-security-law/2/2/5/10

      You can't really get around it, even if you're in a long term relationship and don't live together

      • Kiro on 04/07/2021 - 20:38
        +1

        Ouch, there is no escape.

      • trapper on 05/07/2021 - 15:55
        +2

        The key word there is 'may'.

        And even then 'just a girlfriend' after a committed eight year relationship including purchasing a house together is a bit of a stretch imho.

  • bazingaa on 04/07/2021 - 18:54

    RemindMe! 2 years

  • jv on 04/07/2021 - 20:45
    +3

    my partner asking for half my stuff if things go south?

    She can ask all she likes, but she's not legally entitled to any assets you had before you met her, including your super.
    After you met her though, it depends on her contribution.

  • FrozenFred on 04/07/2021 - 21:50
    +2

    I love these advice threads. Not because it turns into a big bash on the OPs;but that does add some fun.

    But because they always get so much attention and the OPs end up going MIA

    • ddn2004 on 05/07/2021 - 13:00
      +4

      He already got the answer though. It's gonna cost him if his partner wants to claim.

      Also these answers have convinced me not to want to get married or be in a relationship.

      • FrozenFred on 05/07/2021 - 16:06

        Haha like many I've met that are older and been through it. They always tell us not to get married and fall into the same mistakes but hey, you live and you learn and your mileage may very

        Edit : I actually want to 'live happily ever after' but hopefully only for the right reasons and match. But we can't always get the cake and eat it at the same time. Some are just more fortunate and unfortunate. Oh well

  • leiiv on 05/07/2021 - 00:45
    +1

    When people told you "to get legal advice" just for simple and common question like this, you know that there is something fundamentally wrong with the laws. They are written for the benefits of the lawyers.

    • Cluster on 05/07/2021 - 10:20
      +1

      Written for the benefit of lawyers. I'm glad you understand. No matter who wins, the lawyers on both sides always come out on top.

    • 900dollaridoos on 06/07/2021 - 06:11

      lol whoever negged you is certainly a lawyer

  • living4music on 05/07/2021 - 10:37
    +2

    Does she share her bed with someone else in her own room that she is paying you? Do you have the right to walk into her room without permission?

    • payless69 on 05/07/2021 - 12:29
      +1

      Bingo!!!

  • [Deactivated] on 05/07/2021 - 15:18
    +1

    Too late now. You should have done it before the relationship started.

  • Charity on 05/07/2021 - 17:50
    +1

    Thank you OP for the post. Most enlightening.

    Another factor is how random the courts are. They are like roulette wheels. So much luck involved. Anything is possible, from one case to the next, from one judge to the next. But she probably does have the house edge.

    • OzzyOzbourne on 05/07/2021 - 20:08
      +2

      If it were random, it would favour male:female 50:50

      • Charity on 05/07/2021 - 21:50
        -1

        House edge = casino and OP's girlfriend, and her girlfriends are favoured to win more in the long term. But anyone can win on a single lucky day/spin.

  • GourmetFoodie on 06/07/2021 - 21:33
    +1

    Dump her.
    Seriously you can tell from this post you have zero respect for her.

    You need to find someone on a similar financial footing to you since money clearly matters to you a lot. Nothing wrong with that but you need to be honest with yourself. If you are essentially financial equals, those worries fall away and you can focus on what really matters - shared values.

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