It’s a harsh truth that no one willingly wants to talk about prenuptial agreements before marriage. Many couples would feel uncomfortable thinking about what would happen if the marriage didn’t work out.
We can’t predict life’s ups and downs, especially their impact on a marriage. But a prenup can help a marriage by underpinning it with a sense of certainty and security. A Prenup agreement requires a lot of thought and must be done correctly. If you consider making a prenup, be sure to speak to an experienced family lawyer. You can contact the team of Platinum Lawyers for our expert advice.
What is a Prenuptial Agreement?
A prenup or also known as a prenuptial agreement is an agreement that a couple creates before they get married (or start living jointly as a de facto couple). A prenup is also known as a binding financial agreement (BFA).
Purpose of a Prenup
It’s an agreement that sets out what will happen to the belongings of each party, and the possessions of the relationship, if the marriage ends. Like a BFA, it can also deal with other problems such as spousal maintenance and child support. Property here refers to the assets and debts of both parties. For example:
• Real estate
• Business assets
• Credit card debt
Why Do You Need A Prenup?
By preparing a prenup agreement, the couple agrees to divide their property if the relationship breaks down. The aim is to avoid the expense and inconvenience of involving the Family Court.
A prenup can also be relied on if one partner dies and their executor distributes their estate. Provided the prenup is valid, the executor must follow the agreement.
How Much Does A Prenup Cost In Australia?
Generally, an uncomplicated agreement should cost the parties no more than $5,000 in total. Also, each of you needs to be separately represented. If there are complexities like companies or trusts involvement, then you should expect to pay around $5,000 – $10,000.
However, the cost of a prenup can vary depending on topics like – are there children involved? Where are the assets? Are the assets real estate or in structures? How complex are the exclusions of assets? And so on.
Can I Write My Own Prenuptial Agreement?
It is not recommended to write your own prenup if you don’t have a legal background. A prenuptial agreement has to comply with the strict requirements of the Family Law Act.
The prenup (BFA) has to be in writing and signed by the parties entering the prenup. The spouse parties involved in the contract must each be advised independently. Your Prenuptial Agreement Lawyers must brief you about the agreement, and each must be given legal advice outlining the advantages and disadvantages of the contract before it is signed.
Why Should I Hire A Prenup Lawyer?
Choosing a prenup lawyer or an attorney who is well-versed in drafting and interpreting prenuptial agreements will be best to assist you with drafting the contract or representing you in a dispute.
Contact Us For Best Prenuptial Agreement Lawyers
If you’re planning to get a prenup, our team at Platinum Lawyers will be more than happy to assist you and provide legal advice that is best suited for your situation.
Call (02) 8084 2764