What is the purpose of the Internal Protection Alternative?
The Internal Protection Alternative is a common law principle which has been applied to cases over time and has been developed in recent decades by countries to explain the limits of their legal obligations more carefully under the Convention.
I want to protect my assets – what can I do?
We can help you structure your asset ownership to help ensure that you retain maximum benefit. This may include setting up a Trust, entering into an agreement with the other party, a new Will. Whatever stage you’re at in your life – whether starting out or starting again after a divorce, we can help you.
What is the difference between a will and estate planning?
A Will is a binding document setting out how you want your assets distributed after your death.
What is a Contracting Out Agreement?
A Contracting Out Agreement, commonly known as a pre-nuptial agreement or “pre-nup” is an agreement made under section 21 of the Property (relationships) Act. These agreements contract out of the Act – meaning that the division of your assets upon separation will occur in accordance with the Agreement, rather than in accordance with the Act. These Agreements, once signed, are binding on the parties unless they are set aside by the Court (which is a very difficult task to do).
I am getting a divorce, do I need to update my Will?
If your Will does not reflect your intentions, or if you have separated from or divorced your spouse, you should update it. If you are not divorced, and your spouse is provided for in your Will, separation does not terminate your spouses’ entitlement.
Do I need to go to court to get divorced?
A divorce is a legal dissolution of your marriage. You must apply to the Family Court for a divorce to be granted.
What can a Contracting Out Agreement cover?
A contracting out Agreement can be tailored to suit your circumstances. Parties can agree on what property is relationship property (jointly or co-owned assets), what are relationship debts (debts which you are both responsible for) and separate property (property that is own by one party to the exclusion of the other). You will need specify what happens with the property the Agreement covers in the event of separation, including how it should be divided between you.
What does a Contracting Out Agreement involve?
For a Contracting Out Agreement to be binding, the following elements must be met: