Whats the implications of an Australian female marrying a UK citizen male who is on a 457 sponsorship visa and has debt in the UK will become bankrupt Australian has significant assets?

Answer 1

If you assets continue to be recorded in you name the trustee of his estate will have no recourse to those assets. If however, you subsequently divorce and a property settlement is entered into vouluntarily of by an operation of law, to wit, Family Court order then the trustee will have recourse to the assets which would vest into the estate of the bankrupt.

Property distributions take into consideration the financial position of both parties prior to marriage, assets acquired during marriage; and financial requirements of both parties for the future such as children etc.

The risk that you face is that you could potentially be faced with a claim against you assets or income, especially if you are earning more than your partner. It is possible that a wife could be ordered to pay maintenance to the husband in certain circumstances.

As a bankrupt he can retain income up to a prescribed amount, any assets acquired after bankruptcy and before he is discharged would vest in his estate. He would be required to file a statement of affairs with the Trustee. Advice do not register any assets jointly do not maintain a joint acccount and keep substantial amount in it. Risk, is if marriage fails you could potentially face a property settlement, if the arrangement sours, especially if it is a sham arrangement.

Answer 2

If an Australian female marries a UK citizen male who is on a 457 sponsorship visa and has debt in the UK, it is important to note that marriage itself does not automatically affect an individual's financial obligations or bankruptcy status. However, if the male were to become bankrupt in the UK, his debtors may pursue his assets in Australia. The female's significant assets could potentially be at risk if they are jointly owned or if she willingly assumes liability for his debts. Consulting with a legal professional is advisable to fully understand the implications and potential risks in this situation.