Hi folks,
Your recommendations for a family lawyer would be appreciated - for these things I don't really want to Google one and hope for the best. We are in QLD but would need to do everything over the phone/email as spread out across the state.
Situation is Parent A died a few years ago, leaving behind a partner (parent B) and 3 (largely adult-aged) kids. Estate left to 3 kids. Not an acrimonious situation and kids agreed for estate to continue be held by Parent B (half of family home so not exactly a liquid estate, and not massive by any means) as the view that money would be there for emergencies. Verbal agreement and no documentation to support this.
Parent B is now getting remarried to Person C. Kids want to (and this is where the lawyer is needed) quarantine the estate of Parent A via some kind of legal agreement, so that in the event Parent B divorces from Person C down the track, Person C is free to make a claim on Parent B's assets, but not on the share that was attributed to Parent A.
Parent B is happy to sign any kind of legal agreement. Parent B has offered to hand over the estate attributed to Parent A prior to the wedding, however this would likely lead to Parent B being in a financially distressing position which nobody wants.
To complicate matters, Parent B has had a small child with Person C. So based on a very rudimentary understanding of family law, any kind of prenuptial agreement would be rendered null and void by the Family Court (if things went that way) due to the interests of the child needing to be protected. Adult kids do not want to defraud Person C, rather just want to ensure that Parent A's share of years of hard work don't go to enriching Person C.
Nobody wants to set up a family trust as those things are apparently PIA to run (filing tax returns every year etc). Parent B and Person C are not yet de facto, despite having a child.
Is there some kind of enforceable legal agreement/contract/instrument that can be drawn up? Have you got a family lawyer you would recommend to do this?
You don't need a family lawyer, you need a Wills and Estates lawyer. So at least you know what you're looking for. Off the top of my head:
Why can't Parent B just lease the property back from C once it's transferred for some nominal amount on a long-term fixed term lease?
Just very VERY roughly, don't depend on any agreement if it touches on Family Law unless absolutely unavoidable. Avoid assets passing through Wills too if at all possible. Talk to a wills and estates lawyer. Consult a family lawyer if it can't be solved otherwise.