Prenuptial Agreements – What Are They? What is Involved? Should you Sign One?
A legally binding contract signed by two people before marrying, prenuptial agreements (or prenups as they are more commonly called) cover financial issues and future of assets in the event of a divorce. No longer just a document utilised by the rich and famous or by those marrying multiple times, more millennials than ever are choosing to sign a prenup before they wed. Robert Wood and Associates are the lawyers Ringwood couples trust for honest, expert legal advice and professional prenuptial agreements. If you have been wondering if you should you add a prenup to your wedding checklist, read on to find out if it could be useful for you and your future spouse.
What is Involved in a Prenuptial Agreement?
A prenup can be entered into by anyone over 18 years old, whether in a same-sex or heterosexual relationship, contemplating marriage or already in a de facto or married relationship. A prenup includes arrangements relating to property and assets, financial support and superannuation in the event of separation. Typically arranged at the beginning of a marriage or partnership with the future in mind, conditional arrangements may also be included such as the birth of children or the potential for an asset to increase or decrease in value.
How Does It Work?
The main purpose of a prenup is to give couples more control over how a split would be handled. Without a prenuptial agreement, divorce and separation arrangements will be settled in court under the Family Law Act. A valid prenup will override this. In a typical prenup, the contract will state that the assets each party brought into the relationship will go back to each person and that anything acquired jointly during the relationship will be shared, either by dividing the assets or by selling them. For a prenup to be legally binding in Australia, both parties must be in agreement and sign freely and without pressure or threats.
What Are the Possible Pros and Cons of a Prenup?
When deciding whether or not to enter into a prenuptial agreement, you should consider both the pros and cons beforehand.
If you are contemplating marriage and want to ensure your assets and finances will be dealt with fairly in the event of a separation, a prenuptial agreement can be a wise move. Talking to an experienced prenuptial lawyer in Melbourne can help make the process smooth and create a prenup that is agreeable to both parties. For a family lawyer Ringwood locals rely on, get in touch with Robert Wood and Associates online now or give us a call on (03) 9762 3877.
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