If you are preparing for marriage, it is advisable to consider creating a prenuptial financial agreement with your partner. These agreements are designed to protect each individual's assets in case of an unfavourable situation in the future. In the past, most people were against these contracts. However, this has changed because of common issues like blended family circumstances, more realistic marital expectations and marriage in later stages of life. If you are interested in exploring the prenuptial agreement options, consider the following outlined tips for ideal results.
Consult Your Lawyer
It is important to have a clear understanding of prenuptial agreements before making your decision. Therefore, you should consult a reliable family lawyer for guidance. When discussing the options, inquire about the level of protection afforded by a prenuptial agreement. Ensure that your primary assets such as real estate, superannuation, inheritance and stocks can be secured. If you are not ready to get married but are in a de facto relationship, you can learn about your choices for financial or cohabitation agreements.
Avoid Procrastinating
Talking about prenuptial agreements can be difficult. A lot of people find it difficult to bring up the topic before the wedding because of fear of the potential consequences. However, you must remember that waiting for too long can make things worse. In simple terms, if you request the agreement just before the big day, it will cause a lot of tension. Your partner might feel distressed and assume that you are unwilling to get married. Also, it might look like you are suspicious of your partner. If you bring up the topic early, you can have an honest and long discussion without too much pressure.
Ensure Fairness
A prenuptial financial agreement should be fair to both parties. In simple terms, this sort of contract is designed to protect each person's individual wealth. However, once you get married, your lives will merge in multiple ways. You will need to cover household expenses, and you might purchase property together. In addition, when you have children, financial and care responsibilities must be shared. Therefore, you cannot draft an agreement designed to ensure that your wealth is completely exclusive to you. Ensure that there are provisions made for the changes which might take place during the marriage. Otherwise, it might be difficult for the document to be acceptable in court.
Finally, you should encourage your partner to consult a family lawyer for counsel before signing your drafted agreement. This will eliminate the risk of coercion claims if your relationship ends.
Share21 October 2019
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