According to the latest released statistics by the Australian Institute of Family Studies, around one in every three Australian marriages end up in couples getting a divorce. Given these unfavourable possibilities, many couples may find prenuptial agreements to be a reasonable option for their union.
A prenuptial agreement lawyer will do all the legal proceedings on your behalf to prepare this contract to safeguard you and your future spouse in the case of a divorce. Moreover, this agreement can significantly impact how your estate is divided in the event of your passing.
In this article, you’ll learn how a prenuptial agreement can protect your will and how the best family lawyers Perth, WA, can help.
A prenuptial agreement outlines the precise division of your assets in the event that your partnership ends. The agreement will establish some terms and conditions between the partners before the marriage. However, couples can make this agreement even during or after marriage.
A prenuptial agreement in Perth may safeguard various things, including cash, real estate, company assets, superannuation, investments, trusts, and, most importantly, your inheritance right.
Partners come to an agreement outlining how property will be shared. When a couple separates, their assets and debts are split in accordance with the terms of their agreement. This will save you the hassle of involving the Family Courts later.
A prenuptial agreement specifies how the estate will be distributed between the parties (spouses) in the event of a separation or what we legally call a divorce. Nonetheless, many Australians share a common query “will a prenuptial agreement preserve their inheritance? Let’s find out the answer.
Passed on from one generation to another, generational wealth is just like a gift that only gives. When parents try to protect their wealth and prevent an ex-spouse from destroying their family’s riches, it’s a significant matter. Having a prenuptial agreement ensures that the legacy of these riches is preserved for future generations. However, with inherited wealth comes great responsibilities.
Having ownership in family businesses, controlling a huge real estate empire, or amassing profits through investments in high-value financial assets like bonds or stocks are just a few examples of achieving this kind of wealth.
It takes a lot of work and sacrifice to accumulate this kind of money, so it would be heartbreaking to see everything disintegrate due to a contentious divorce. This is where hiring a prenuptial agreement lawyer in Perth comes to aid.
A prenuptial agreement assures that this wealth is secured along with a chance to leave a lasting legacy, even though it is not a surefire way to ensure that you will be able to pass down a sizable fortune to future generations.
There are a few instances where the conventional rule that inheritances obtained before marriage are distinct property does not apply. These exclusions include the following:
You may, for instance, establish in a postnuptial or prenuptial contract how the legacy will be divided in the event of a divorce. If the generational wealth has increased or expanded due to the combined work of both spouses, they may decide to sign this agreement.
If there is no prenuptial agreement concerning the inheritance and it’s been enhanced or extended during the marriage, the court may decide to split the inheritance between both spouses.
This is so that the value of the legacy may have been increased by the non-inheriting spouse’s time, labour, or financial contribution. For instance, if one spouse inherits a home, the other partner may work to pay the mortgage, repair the home, or raise money for renovations.
Here, the best family lawyers in Perth can help you by making a prenuptial agreement on your behalf and saving you from all the wealth loss later.
If one partner passes away intestate, a prenuptial agreement can be utilised to divide the estate. Intestacy occurs when a person passes away without making an estate plan or proper will or when their ‘will’ was later determined invalid.
When a person passes away intestate, the probate court will typically use the pertinent state laws to determine how their property is allocated. But, because the prenuptial agreement dealt with the individual’s property and was created when the expired individual was still alive, the court may use it to allocate the expired person’s assets.
The law can be challenging to understand when contesting a will or estate, especially when complicated family dynamics are at play. The ideal solution to make sure your assets (even stocks and bonds) are safeguarded and you are taken care of is to obtain competent legal guidance.
For more information, consult any reputed and knowledgeable prenuptial agreement lawyer in Perth today.
Even after getting married, there are ways to safeguard inherited wealth. You and your spouse might agree to a postnuptial contract. This kind of contract covers comparable ground as a prenuptial agreement. After getting married, you could decide to sign a postnup, pledging to maintain the inheritance as distinct or separate property.
Again, use legal assistance to draft the contract. Consult one of the best family lawyers about protecting inherited assets during the property division if you’re divorcing or separating. With your marriage, you might be able to establish a separation agreement that addresses property division.
Maybe you could show the court that the inheritance was received before marriage and was kept as separate property the entire time. About your particular case, your lawyer can offer you guidance. Before consulting about inherited assets with your spouse or their lawyer, ensure you have hired a family lawyer of your own.
You will need expert legal assistance from a group of qualified and successful professionals if you’ve got a sizable inheritance to defend in a divorce. This is where the best family lawyers can come to your aid by addressing your inquiries.
Hiring one such lawyer helps you achieve your desired result while assisting you in understanding your legal rights. So, consult a prenuptial agreement lawyer and get started with inheritance protection for a better, hassle-free future.
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