Everybody gets into a marriage hoping that their union will last a lifetime. But this is not always the case as several couples end up divorcing.
One of the conflicts that emanate from divorce, has to do with properties and finances.
When you are planning to marry or enter a de facto relationship, you may consider consulting a family lawyer in Logan to make prenuptial agreements to protect your family, finances and assets.
In a few words, the prenup is important because It protects parties from the worst case scenario if their relationship does break down.
What is a prenuptial agreement?
A Prenuptial is a written contract that spouses create before they are legally married. A prenup records what assets and debts each person brings into the relationship and states what will happen in the event that the relationship breaks down and how the couple’s finances will be divided. Experts like https://madsenlaw.com.au/ are located in Logan and South Brisbane and specialise in Family Law.
If you have children from a previous relationship, a prenup can help ensure that your children receive their proper inheritance if you pass away.Couples who are not getting married but intend to move in together can create a Cohabitation Agreement to specify their current and future financial and property rights.
What are the benefits of prenups?
Firstly and most important, prenups clarify what may happen in case of separation. This makes it easier to plan for the future in any scenario.
Secondly, they are private and only discussed with your partner and lawyer. Besides, this agreement can save the cost of dividing assets in court.
How can I discuss a prenup with my partner?
Asking for a prenup can be a sensitive issue and needs to be handled delicately. It is a good idea to discuss prenuptial agreements in the same way you address other future planning together. Such as plans about moving together, planning to make a new will, or having children together.
Prenup agreements tend to be viewed as a negative thing however, they are legally binding agreements that can protect everyone involved. It’s worth mentioning the prenup soon If you count down the days until the wedding. Your partner may need time to process the idea.
Do I need an attorney?
Australia has strict requirements for valid prenuptial agreements. If they are not drafted correctly, they may be deemed invalid by a court or wholly set aside. It is essential to engage a lawyer when drafting a prenuptial agreement. To be clear, prenups must meet specific legal requirements to be valid and binding. To ensure that the prenup meets all the criteria, the prenup should be prepared by an experienced family lawyer.
Solicitors must be admitted to practice in Australia and in the presence of your respective lawyers, the prenup is signed by you and your partner. Both parties receive independent legal advice from separate lawyers before signing your prenup and the advice outlines to you the effect of the agreement on your rights.
If you would like advice or further information about prenuptial agreements consider hiring a family lawyer.