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Pre-nuptial Agreements in Australia: Some Important Considerations

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The issue of pre-nuptial agreements often makes engaged couples squeamish, but nevertheless should be addressed. So, do you need a prenuptial agreement in Australia?

The answer is typically yes - especially if you are a business owner or expect to see a large increase in income and assets over the course of your coming marriage or de facto relationship. But in addition to protecting assets, a pre-nuptial agreement is also a way to create a financial safety net for parents or other loved ones and dependents, or children from a previous relationship. In an era of blended families, this is an especially important attribute of a pre-nuptial agreement.

A pre-nuptial agreement in Australia will cover the division of the assets the couple have at the time the agreement is made, or at a later time after separation and before the divorce.

A correctly-drawn pre-nuptial agreement can bring a faster resolution to any litigation, in the case of a marriage breakdown – or possibly avoid it altogether. A family law lawyers can help you draw up a pre-nuptial agreement that Australia law will recognise. You can enter into the marriage with the assurance that the financial possibilities that may occur in your coming union are covered.
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Who Should Sign a Pre-Nuptial Agreement in Australia?

 

A pre-nuptial agreement can be signed by parties contemplating marriage to each other and covers the division of assets, in the case of a marriage breakdown.  It can also deal with the issue of maintenance of either of the spousal parties.  Not everyone needs to sign a pre-nuptial agreement and, for many couples, it may be seen to be a negative way to start off a marriage.

                                          

But a pre-nuptial agreement is especially useful in cases where the couples have substantial assets or are blending families from previous relationships.  Some of the scenarios where a pre-nuptial agreement is useful:

 

 

  •         Owning or co-owning a business
  •         One party expects to receive a large inheritance
  •         One party is much wealthier than the other
  •         Have parents or other loved ones whose secure financial future relies on a party
  •         Have children from previous relationships for whom providing is necessary

 

 

Legal Help is Necessary with Pre-Nuptial Agreements

 

A pre-nuptial agreement is a contract that should contemplate all legal eventualities.  It is important to hire an experienced family law lawyer to help draw up the pre-nuptial agreement that will adhere to requirements of Australian law, as outlined in the Family Law Act 1975.  Contact your family lawyers in Brisbane, Melbourne, Sydney or Perth to get the process started today.
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