The Australian family law system allows couples to enter into contracts to determine how they will settle their marriage in case of divorce and separation. These agreements are commonly referred to as prenuptial and postnuptial agreements. The distinctive feature that differentiates these contracts is that prenuptial agreements are created before the wedding, while postnuptial agreements are formulated after the wedding. Below is an excerpt discussing some frequently asked questions about prenuptial and postnuptial agreements.
What Are The Benefits Of The Agreements?
Property settlement is one of the most perturbing issues in any divorce. The primary advantage of postnuptial and prenuptial contracts is that they significantly ease the divorce process. Since the agreement stipulates how the couple will share property if the marriage breaks down, they do not need to create financial plans or seek consent orders from the Family Court.
What Can You Include In The Agreements?
Your family lawyer can advise what you should include in the agreement. Since the agreement focuses on how you will share property, you should explicitly state how you will divide property acquired while married. Remember, property owned before the marriage and inheritance are considered individual property. As such, you are not legally compelled to include them in the divorce settlements. Couples can state the percentage of the property that each person gets after the marriage, who takes the family home and whether one party is entitled to spousal maintenance.
What Is The Process Of Creating The Agreement?
Prenuptial and postnuptial contracts are legally binding documents. Therefore, you need the assistance of a licenced family lawyer when creating the agreement. Under Australian law, couples must seek independent legal advice before signing the contract. In such a way, each of the parties will need to hire their own lawyer. Your lawyer will inform you of the benefits and risks of signing the contract. If you are convinced that the contract serves your needs, you will sign the contract to make it legally enforceable.
What Can Void The Agreements?
A prenuptial or postnuptial agreement can become void if:
You now understand how prenups and postnuptial contracts work. Always work with an experienced lawyer when drafting the agreement. For more information, contact a local family law law firm.
Share30 April 2021
My name is Jeanette Kennan. I have been a high school legal studies teacher for many years. As such, I am fascinated by legal cases I come across in the media. Family and friends often consult me about minor matters related to the law and although no expert, I can often point them in the right direction. It occurred to me that there may be other people out there who are not aware of basic legal issues. After all, you probably don't think about legal matters related to death, accidents or crimes until you find yourself in a crisis situation. This blog is designed to give you some introductory information about a range of legal topics. Hopefully, it will help you to be prepared and informed should a legal concern arise. I really appreciate you breaking in to my humble little site. Please enjoy.