Prenuptial Agreement
Category : Family, Women Lifestyle, Women Personality
People in love rarely talk about money – but they should. As unromantic as it may seem, marriage is also a business partnership, so drawing up a prenuptial agreement could be one of the cleverest moves you make.
Such an agreement is a contract which stipulates how your and your partner’s assets – as well as debts – would be divided should you decide to separate or divorce.
Not only does it serve to safeguard financial interests, but it helps avoid much of the confusion and bitterness that can surround the breakdown of a marriage or end of a long-term partnership.
Recent changes to family law legislation ensure that prenuptial agreements prepared in accordance with that legislation become legally binding contracts. The law does not yet extend to superannuation assets, which are usually not accessible until retirement.
Since such contracts are legally binding, it’s critical to consider carefully their terms and conditions. Both partners should take care that the agreement is as fair as possible and that there is some mechanism for review should circumstances change – for example, if you have children or buy property together. Both partners must seek independent legal advice to ensure the content is valid before signing.
What to include in a prenuptial agreement:
??? How you will split household expenses – including day-to-day bills and loan payments.
??? How jointly held assets will be divided when they’re sold.
??? What responsibility you’ll have to each other for your debts.
??? What will happen in the event of a break-up, with regard to assets and the financial support of any children.
??? An agreed process for terminating the marriage contract.
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