Going into a marriage or de facto relationship, couples do not plan to fail, however often couples fail to plan, overlooking benefits that a prenuptial agreement may have.
A binding financial agreement is a way that couples can plan out the potential future rights or obligations of either party in the event that the relationship doesn’t work out. Such an agreement can be made before or after entering the marriage or de facto relationship.
What can the agreement include?
Prenuptial agreements can cover a range of assets, financial resources and liabilities that are often precluded from individuals minds. Such areas other than income that may be addressed by a prenuptial agreement may include:
- Real Estate
- Pensioner entitlements
- Debts and liabilities
What are the benefits of a prenuptial agreement?
Although often viewed as a negative way to commence a relationship, a prenuptial agreement could serve as a positive way for couples to openly communicate about the potential distribution of assets and debts as well as any expectations either individual may have.
Further, in the unfortunate event that the relationship does break down and enforcement of the prenuptial agreement is necessary; this may save both parties the hassle, time, money and stress of arguing over assets and debts in Court.
Why you need assistance from a separation lawyer?
When formulating a prenuptial agreement, unlike other agreements, there is no requirement for court approval and only independent legal advice is necessary in the execution of the prenuptial agreement. Appropriate legal advice is vital as in the event that parties do separate and wish to enforce the agreement, the court has the power to set it aside as invalid and unenforceable if it was not properly executed in accordance with certain criteria. With the assistance of one of our marriage and separation lawyers, you can be given thorough and appropriate guidance and assistance to create a valid prenuptial agreement.
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Family law situations can be complex and sometimes they can involve serious issues. Information outlined is proposed to provide general guidance only. Due to the seriousness of legal matters as well as the uniqueness of your individual situation, professional advice should be sought. For advice, please contact one of our Family Lawyers.