Do You Really Need a Prenuptial Agreement?
No one enters a marriage thinking it’s going to end in divorce one day, but unfortunately, marriages do break down and people go their separate ways. In fact, statistics show that around 30% of all Australian marriages culminate in divorce. Without going into a committed relationship with a negative mindset or doom and gloom attitude, it’s wise to be prepared in case the romance doesn’t pan out.
Those who are entering into a marriage or long-term relationship and already have reasonable assets would be well advised to consider having a prenuptial agreement drawn up before things go further and become fully committed.
But, do you need a prenuptial agreement?
Some people consider safeguarding themselves in this manner as a sign or belief that things aren’t going to work out, but every smart decision will have some sort of contingency plan if things go south. We do our best to reduce risks in other important areas of our lives, so why should we simply throw caution to the wind when it comes to matters of the heart?
A prenup doesn’t have to spoil the sense of romance.
A lot of people have the misconception that prenuptial agreements only apply to a legally binding relationship such as a marriage, but in the modern world, a live-in de facto relationship of 2 years or more is viewed the same way under the law as an actual marriage. So, married or not, if you’re in a domestic relationship long term, your assets are still at risk without a legally binding document that states otherwise.
Why Take Chances When You Don’t Have To?
The time to prepare, negotiate and sign a prenup agreement is before entering into a long-term relationship or marriage. Uncertainty regarding any distribution of assets in the event of a relationship breakdown is dissipated once it’s drawn up.
The other thing to keep in mind is that a prenup will help speed up the settlement process and keep things simple. Let’s face it, relationship breakups are painful enough without having to endure extensive legal battles and negotiations over the distribution of property and assets.
Instead, with this legal document in play, you can focus more on the rebuilding phase rather than finding yourself in a world of stress.
Is a Prenup Really Binding?
Yes, it is. If it wasn’t, then it wouldn’t be worth the paper it’s printed on and would be totally pointless even preparing in the first place.
Once prepared prior to entering into a serious cohabitation, both parties read it and sign it, which signifies that the document is both understood and its stipulations agreed upon.
Not only does a prenuptial agreement determine any distribution of assets, but also the responsibility for debts and liabilities as well.
James Noble Law – Brisbane Family Law Experts
At James Noble Law in Brisbane, we specialise in family law and fully comprehend the need for prenuptial agreements in certain circumstances. If you need a prenup prepared and negotiated, then call us first before the big day arrives. We’ll help you commence this new phase of your life with complete peace of mind.