Ensuring Your Children’s Financial Security After the Divorce
Divorce is a distressful for your family especially for your children. Aside from the emotional impact to them, financial security will become a big issue for them. Hire the Family Lawyers Toowoomba to help you with the financial planning for them.
An amicable situation
When you and your ex partner are still on talking terms and intent on settling the divorce peacefully then you will face considerably lesser problems. You can consider sitting together for a discussion and settling the financial future of your kids. The property settlement can be worked out in a way that asset separation is for the long term benefit of kids. One of the spouses can opt to buy the other one out of the marital home. The property can then be transferred and mortgaged into another name.
Pre discussions with the bank about property transfer rules and regulations might help. As another alternative both of you may decide that the house needs to be sold. The proceeds can be split in a mutually agreeable ratio and a part of it can be secured in the name of children.
A not-so amicable situation
An ugly contested divorce brings with it a fresh slew of problems. Qualified Terminable Interest Property or QTIP is a scheme which can help you in case you and your spouse are unable to reach a mutually agreeable situation. This is a kind of trust where financial help is duly extended to the ex spouse but after his/her death he assets are all passed on to your children.
Your family wealth can be prevented from going out of the hands of your kids. You can even create conditions where your spouse receives a certain financial amount every month but the assets are directly passed onto your children.
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