Prenuptial Agreements For Any Couple Wishing To Marry

The Family Law Act divides binding financial agreements, rather prosaically, into financial agreements taking place before, during and after marriage. The first of these is more colloquially referred to as a prenuptial agreement.

Prenuptial agreements are frequently regarded as the only acumen of multi-millionaires trying to give protection to their fortune from gold-diggers. But of course, it can do just that: there’s little reason to warrant giving away half of the investments you owned prior to the marriage. The truth, however, is that prenuptial agreements can be a sensible and prudent investment for both sides.

In the end, in the miserable situation your marriage fails, would you rather the debate regarding the splitting of your resources occur when you both love each other, or afterwards?

Hence, the prenuptial agreement helps you both to protect the property (whether real or private) that you most value. You may use it to know how you both will be looked after following the marriage: whether protection is to be given, and just how much. Or, it could concern who gets the dog or cat, since it’s tough to split a dog.

Fundamentally, the prenuptial agreement inhibits either party signing up to the Family Court over a topic that the agreement covers. This lessens attorney's fees, court fees and your time.

How Can You Produce a Binding Prenuptial Agreement?

Contrary to everyday contracts, prenuptial agreements have very specific forms that have to be implemented. It's really to make it easier for these agreements to hold up in court. The specific requirements are listed in section 90G of the Family Law Act, but typically:

1. the agreement really needs to be penned. A verbal agreement won’t be sufficient. This is as they are quite advanced files, and specificity is crucial;

2. both sides must receive independent legal services from a legal practitioner. These suggestions must tell you both what the agreement appears to you, in terms of your rights, and the advantages and disadvantages of the agreement. It is advised that you get this advice on paper;

3. the agreement must include a clause stating you have each obtained such advice;

4. a signed certificate from the legal practitioner attesting to this advice must be affixed to the agreement;

5. each party must sign the agreement; and

6. each party will need to have the main, or a copy of the original prenuptial agreement.

Nonetheless, even when these steps are already gratified, prenuptial agreements - like all financial agreements - are not guaranteed. There are circumstances in which they can be overturned, and as such, it is highly recommended you have a lawyer draft the prenuptial agreement for you, or at the least, have them advise you in the progression. A brief list of a few of these instances includes where:

1. Any of the above formal steps have not been fulfilled;

2. Either party failed to show, or obscured or materially misconstrued the degree of their possessions and resources at the time the agreement was signed;

3. Either party engaged in fraud in receiving the agreement, or put into the agreement to defraud the other, or a third, party;

4. Either party engaged in underhanded behaviour in getting their partner to sign the prenuptial agreement;

5. The agreement is impracticable, indefinite, doubtful, or is otherwise unable to be accomplished;

6. A change has occurred relating to a child which will cause that child to suffer hardship.

Your legal practitioner will also be able to tell you of any potential issues with the agreement. As an illustration, section 90F overturns any clause that purports to prevent support payments if one of the parties struggles to financially help themselves when they signed the agreement. Or, the entire prenuptial may be void if you fail to show the full degree of your assets, or the agreement is unsure and indefinite, or there was underhanded or fraudulent behavior associated.

Do Prenuptial Agreements Last Forever?

Well, yes and no. By their nature, prenuptial agreements do persist, even past the death of either party. You can set specific conditions for what occurs in the event of your death, but usually, your belongings will be left to your heirs and not your significant other.

On the other hand, that doesn’t mean prenuptial agreements cannot be changed if issues change, or you both want to modify the agreement somewhat. You and your partner, as the parties to the agreement, have every right to modify the agreement if, and when, you so choose. Bear in mind that you need to properly cancel or revise your prenuptial agreement.

Your legal practitioner can suggest for you of all of these intricacies when you attain advice as to the financial agreement. This will help make sure it is binding, and provide the crucial protection to the two of you should the relationship fall apart.

To minimise future litigation issues be sure to get a prenuptial agreement prepared by a qualified legal team. If you would more information and further reading visit our prenup agreement website today.