Marriage is not just a legal union of individuals but also a bouquet of rights and means of regulating various logistical and utilitarian aspects of life. Prenuptial agreement Perth is an important legal tool that, when used wisely, can secure the interest of married individuals, if and when the relationship is dissolved.
This article covers all the important things you should know about prenups and whether you should get one.
Frequently abbreviated as a prenup, these agreements or contracts are part of a Binding Financial Agreement or BFA. The word “nuptial” comes from the Latin word meaning wedding, and the prefix indicates an action to be taken before marriage. This action is the financial agreement that helps secure the management and distribution of property, finances, and other liabilities and assets between couples should the marriage be dissolved.
In other words, in case of a divorce or separation, having a prenup will ensure that certain assets are not included in the collective pool of the property of the spouses.
The Australian government emphasizes the importance of prenups and has made it enforceable. This means that these agreements are legally binding and must be followed through. However, they must meet certain criteria for them to be deemed valid. In Australia, these are a part of The Family Law Act of 1975, namely, the Binding Financial Agreements in section 90B.
However, it is necessary to consult the best prenuptial agreement lawyer in Perth before signing any agreements. This is to ensure that the spices receive their due diligence during the drawing of the contract and that there is full informed consent.
Like any agreement, prenups come with their share of pros and cons. Often, these are weighed on a personal and case-by-case basis. This is because each marriage is unique, and what is favorable for one may not be for another. That’s why it’s imperative to seek independent legal advice from the top family lawyers in Perth before putting your stamp or sign on any agreement.
The following are the pros of getting a prenup:
Since these agreements pre-determine the distribution and management of assets, things like property settlement can already be covered in the terms. This saves the need to pursue further litigation regarding property after divorce.
Often, there are important assets and belongings that people would want to exclude from a collective property pool. When chalked wisely, prenups can work wonders in safeguarding such resources and assets.
A prenup prevents potential litigations and property disputes after divorce by securing most things before entering the marriage through an enforceable contract. This saves the time, cost, and stress of dealing with financial and property disputes after separation.
The following are the cons of a prenup:
A prenup, while being extensive, does not cover all kinds of settlements after divorce. This is one of the biggest drawbacks of having an agreement made before marriage that can overlook the changing circumstances in the years to come. That’s why it is necessary to update your prenups.
In certain cases, prenups can be dismissed in the court due to several reasons. Often, it can be due to evidence of acts of coercion in the signing of the prenup, which puts one spouse at a significant disadvantage. To prevent such unsavory cases, it is necessary to contact the best family law lawyers in Perth to advise you on your contracts.
Talking about potential separation before marriage can be quite daunting. In this case, prenups can bring up anxieties or tensions regarding the distribution of assets, which, despite being well-intentioned, may not work in equal interest. Talking to family lawyers in Perth can help ease such tensions through informed guidance.
If you’re debating over getting a prenup or are trying to figure out how to navigate such conversations with your partner, top family law services in Perth WA can be the counsel that can put you out of the fix.
Contact the best prenuptial agreement lawyer in Perth to protect you and your spouse’s financial interests.
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