Thinking divorce might be on the cards? I’m truly sorry about that. I know how stressful it can be—so it’s time to protect your assets.
The great myth is that a lot of people think their savings, property, and inheritance are untouchable. They’re not.
Once separation starts, everything’s fair game—bank accounts, superannuation, even family gifts.
The good news? You still have time to protect what’s yours.
With a few smart moves, you can stay ahead of the process and avoid costly mistakes.
Here are 7 simple steps to make sure you’re ready for whatever comes next.
Step 1. Open a personal bank account
If you haven’t already, do this now. If you’re still sharing a joint bank account, open one in your name only—now.
Why? Joint accounts are fair game in a divorce. Your partner can empty the account without your permission.
Not only will a personal account give you control over your money, but it also separates your personal finances from shared assets. This could potentially provide protection during the property settlement process.
Tip: Move your salary and any new income over to this account.
2. Get copies of all financial records
If you want to protect your assets, you need proof of what you own. Paper trails matter.
- Bank statements
- Pay slips
- Loan documents
- Superannuation balances
- Investment accounts.
Get copies of everything.
Why? During divorce, you have to disclose your finances. Both parties do. But if your ex “forgets” to declare certain assets, you’ll need evidence to back up your claim.
Don’t wait. Accounts can be closed, emails deleted, and records “lost.” It happens. We’ve seen it. Many times.
Tip: Snap photos or download PDFs of statements, deeds, and receipts. Store them somewhere safe—like a secure cloud account only you can access.
3. Lodge a caveat on jointly owned property
Worried your ex might sell or refinance your property behind your back? A caveat stops that in its tracks.
What’s a caveat? This legal document proves you have a claim on the property. As a result, it stops your partner from selling, mortgaging, or transferring ownership without your consent.
This move is important if you own property together—especially if things are going south.
How to do it? Speak to a family lawyer. They’ll help you lodge a caveat with the Land Titles Office.
4. Get a binding financial agreement (BFA)
This is a big one. A BFA locks in what’s yours.
A Binding Financial Agreement (BFA) is a legal contract that says, “These assets stay with me — no matter what.” A BFA can help to protect your:
- Income
- Business
- Home
- personal savings
- Inheritance
- and more.
You don’t need to have secured a BFA before marriage—you can get one during or even after marriage. Without a BFA, the court decides how assets are divided.
With a BFA, you call the shots!
The tricky part? Both partners need to sign. As such, talk to a divorce lawyer to get one drafted properly—it’s worth it.
5. Keep Track of Family Gifts and Inheritances
Received a cash gift from family or an inheritance? Sadly, it’s fair game too. I know, not fair. First step is to keep it separate. If you mix it with joint funds (like a shared bank account), it could be seen as a “joint contribution.”
Instead, store it in a personal bank account or somewhere out of sight.
And don’t forget the paper trail. A letter or email from the person who gave the gift or inheritance stating it is intended for you alone.
Talk to the pros
The best step you can take is to talk to the pros. Yes, divorce can be unpredictable, but your finances don’t have to be.
The earlier you act on these steps, the stronger your position. If you’re unsure where to start, Randle & Taylor Barristers and Solicitors.
Key takeaways
- Separate your finances: Open a personal bank account and keep gifts, inheritance, and new income away from joint funds.
- Lock down property: Lodge a caveat on jointly owned property to stop any sneaky sales, transfers, or refinancing.
- Get it in writing: Use a Binding Financial Agreement (BFA) to legally protect your assets and avoid messy court battles.
Marshall Thurlow is Director and Founder of Orion Marketing Pty Ltd. He is a digital marketer with expertise in SEO, website design, content marketing, and project management.
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