Divorce and your Safe Deposit Box
Safeguard your Valuables against Divorce
Divorce is arguably one the most difficult and complicated processes you may endure in your lifetime. Through this article you will discover how divorce and your safe deposit box can be coupled to ease the stress of the matter. Divorce is carried out in the Family Court and involves determination of custody and child support payments, and inevitably negotiations and mediations concerning the division of assets.
In some cases the outcome of a divorce or separation maybe amicable, though huge risks can arise if either party have become angry or bitter through the process. Just ask the couple behind Australia’s most expensive divorce, which was resolved in March this year after 14 years and $40 million in legal fees.
While divorce is never the goal of getting married, according to the latest information released by the Australian Bureau of Statistics (ABS), in 2017 the divorce rate increased by 5.2% meaning that out of 1000 residents, two experienced divorce. This may not seem like many until you consider that out of 1000 residents only 4.6 got married in 2017.
The big question for you should be how to safeguard and secure your personal assets and most valuable items if you were to have a change of heart or be the recipient of a nasty surprise.
Why Protect your Assets against Divorce
The daunting fact about divorce is that it can get very messy when it comes to the distribution of property. You need to know what you purchased using your own funds and what was acquired during the marriage to determine what is martial property and what is separate property.
Considering the above, when facing divorce a crucial first step is to create an inventory of assets. A list of your assets accompanied by photographs will reduce the chance that your spouse may conceal assets from you and further complicate and even delay court proceedings.
This list should include everything that is considered an asset, such as bank accounts, savings, family trusts, stocks, bonds as well as separate property and other assets i.e. your personal property. These include items that you can not replace, such as jewellery, precious metals, important documents, family heirlooms and other items of sentimental value that you may want to pass down to your children.
When it comes to securing your separate property, there are a number of secure storage options for you to take advantage of. It is recommended that these are acted upon as preventative measure, but also can be implemented as an emergency measure to protect what is yours.
Have you considered a safe deposit box to secure your assets?
The best option for securing your assets is a safe deposit box. Also called a security deposit box, this storage solution is a secured box that is kept in a vault at a bank, credit union, or a private institution. These boxes are rented out for a small yearly fee and are mostly used to protect physical assets from fire, theft and floods.
While in the past these have been brushed off as irrelevant, today companies offering private vault solutions have revolutionised the industry and are seen as the preferred choice over bank storage and home storage options.
All You Need in One Secure Location
At Private Vaults Australia, we offer you the kind of peace of mind that neither bank safes nor home safes can afford you. Our Class 1 monitored safe deposit box facility offers unparalleled security all-day every day so you can rest assured that your valuables are safe and secure.
2 Months Free, No long term commitment necessary.* Limited spots available.