If you’re wondering, “what is a Prenup Agreement?” Well, it’s a kind of monetary contract created under Section 90B of the Family Law Act of 1975. This type of agreement stays enforceable and legally binding as long as it complies with the needs within this provision.
These types of agreements were only ideal for all the wealthy people out there. But in today’s modern times, these agreements are utilised by many couples.
Furthermore, through the Prenup Agreement, couples can easily protect all their property rights and monetary interests in the future. When contemplating marriage, you must check whether or not the agreement will provide the necessary benefits.
How Can You Avoid Signing the Prenup Contract?
On certain occasions, many couples think that it’s much to avoid signing up for the pre-nuptial agreement to keep all their assets well-protected. But there are some effective ways through which you can avoid signing up the agreement:
Opt for a Postnuptial Agreement:
When you have already gotten married but without the presence of the prenup, you can sign the marital agreement. This is known as a “postnuptial agreement”. You can create the post-nuptial agreement whenever you want after the marriage.
Signing up for this contract will be an outstanding way to make all the monetary decisions, especially when you’re planning to divorce your partner.
Think of Making a Living Trust:
Trust can help create an extra level of protection for all the assets. It’s primarily because they are not pictured as a separate protection compared to your and your spouse’s marital property. They are not subject to the equitable distribution during the time of divorce.
When you make a trust, you should enable the other party, which is the trustee, the right to hold the title of a specific asset or property.
Trusts are primarily used for protecting individual assets or the inheritance during the time of divorce for other reasons.
Keep a Separate Property:
All the assets that you possess before the wedding are viewed as pre marital or nonmarital property. As long as the martial funds do not get tangled up with the non-marital funds, the property will not be added under the equitable distribution of the estate.
Due to such reasons, it’s extremely crucial to maintain separate accounts, which you have before you get married. Having these accounts prevents your personal assets from falling under the equitable distribution during divorce.
If you have any concerns or questions regarding such matters, you can contact the lawyers who can provide you with the help you need.
What Will You Find Under the Prenup Agreement?
Under the prenup contract, you will come across a diverse range of assets and topics, which are linked to the following things:
- Property Division
Apart from all that, the pre-nuptial contract will also include alimony and spousal maintenance.
This agreement will mention how all the finances and assets will get divided during separation and divorce. But prenup agreements don’t include provisions for situations related to child support or custody.
Couples have the right to customise the monetary agreement within their prenup so that it matches their requirements, monetary matters and preferences perfectly. It’s also vital to make sure that the agreement is fair towards both parties.
This can help in making sure that while you’re lawfully married, several of the assets will stay well-protected when a dispute resolution is not successful during the relationship breakdown.
Creating a Prenup Agreement: Tips You Must Follow!
When you’re planning to create a successful financial contract through the prenup agreement, you need to do some planning and consideration. This section has several tips which can help you create an effective pre-nuptial contract:
You must have a good amount of time to make the agreement so that it doesn’t turn into last-minute work. That way, all the assets and properties of both parties are fully covered.
Try to Be Transparent:
If there is a non-disclosure in the prenup contract, it can lead to unwanted issues. You have to make sure that the disclosure is completely frank, full and effective of the finances, debts and assets.
Obtain Legal Advice
You should speak to the divorce lawyers in Perth to obtain some valuable guidance and advice when you’re creating the prenup agreement. They are experts in handling such matters and will provide you with information on the legal needs of the agreement.
A lawyer’s knowledge ensures the validity of the prenup agreement in court. It will also protect the best interests of all the parties involved.
Customise the Contract
You can make the prenup agreement based on your specific preferences and requirements without much hassle. This will ensure that all the things mentioned in the agreement are completely reasonable for you and your partner.
Update and Review the Agreement Regularly
Over time, there might be some changes in your monetary situation. Due to such reasons, you must update and review your prenup agreement whenever you think it’s necessary.
How Can You Get the Prenup Agreement in Australia?
To obtain the prenup contract in Australia, both you and your partner must enter the agreement voluntarily to have a good understanding of its implications.
It’s vital that both parties obtain legal advice separate from the lawyers to make sure that they don’t end up getting a bad bargain. Furthermore, the agreement must satisfy both the parties.
In return, it will help protect the assets and property that you and your partner hold. Besides that, if the relationship ever breaks in the future, the agreement will also protect the marital property completely.
The agreement should be in writing, and both parties must sign it in front of the witnesses. It’s recommended that you get some legal advice from a divorce or family lawyer.
They are an expert in prenup agreements and will make sure that the agreement you create is enforceable and lawfully binding.
One Last Thought
A prenup agreement is a financial contract that is signed between married couples to keep their assets and other things well-protected.
But on certain occasions, many people wish to avoid signing such contracts, and for that, they can make a living trust, keep a separate property or make a postnuptial agreement.
You can also obtain some legal advice from the Divorce Lawyers right before you make the agreement.