Prenuptial agreement is a term commonly used in the media. This term is widely used either after celebrities have tied notes or they have divorced. However, this agreement is not only meant for celebrities. The agreement is enforceable, and all those who want to protect their assets can use it.
What is a Prenuptial agreement?
In Australia, it’s referred to as Binding Financial Agreement (BFA). This agreement is made before marriage, and it is the best way to protect your assets while in marriage. This agreement needs to be drafted correctly so that in case of separation and agreement. The stipulated assets in the agreement can then be excluded from the partners’ collective properties in case of separation and agreement.
Should I get a prenuptial agreement?
Before entering into any marriage, the couples can agree. This agreement is beneficial if a spouse has more property like businesses, farms, and other inheritances. The prenuptial agreement will allow the spouse to keep his or her property even when the marriage ends. All this is possible because of the relationship breaks; this agreement outlines how you should distribute the financial assets. After that, it becomes an individual choice to agree or not. Ultimately, the prenuptial agreement is a safety precaution if the marriage ends, as it’ll make it easy to create property settlements.
How do I get a prenuptial agreement?
It is essential to have the proper procedure in agreeing. If the agreement isn’t done right and a problem comes after the marriage ends, the courts will put the agreement aside. The poorly done deal will have proved to be a waste of time; more so, you might lose some of your individual properties because the court will rule to distribute the properties in what seems the best way.
You must seek advice from Specialist family Law experts such as the Brisbane lawyers because for you to get the prenuptial agreement, the legal requirements are stringent. When making a bidding agreement, the following steps are essential:
● All the parties in the agreement should receive independent legal advice.
● Only a lawyer from the Australian jurisdiction should give the legal advice( Failure to use a lawyer in the Austrian jurisdiction, your agreement can be put aside when a problem arises)
● The parties must present the agreement in a written form.
● A lawyer must be present when drafting and signing the agreement. For example, you can choose to hire a Brisbane lawyer.
● All parties should present complete disclosure of liabilities, income, expenditure, and assets in this agreement.
Unreasonable pressure and non-disclosure are the problems that can come up when preparing the prenuptial agreement. You need to ensure that none of these problems arise, as they may lay a good ground for setting aside the agreement.
Case- study of the prenuptial agreement
A court considered a certain recent case where such a problem had occurred. Some couples had reached a prenuptial agreement a few days before their wedding date. The wife was from Thailand but a student in Australia. She went back to Thailand after her visa expired. They had cohabitated with the husband for one year. Finally, the wife got a fiance visa and returned to Australia, after which she got pregnant.
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Five days before the actual wedding date, his husband brought a solicitor to help them draw up a prenuptial agreement. After discussing the agreement, the wife said that she would not make any claim against the property, so there was no need to agree. However, the husband forced her by threatening neither not to marry her nor sponsor her fiance visa if she didn’t sign. Thus, the wife was given and signed.
Because she believed she entered the agreement under duress, the wife wanted the agreement to be set aside. She says she only signed with her real signature after the husband insisted, but initially, she had signed not using the usual signature. She believed that she had no voice but to sign because she was unmarried, pregnant and her husband would not support the visa.
The courts found that the wife had signed the agreement under duress because the husband had threatened not to marry the girl if he wouldn’t sign it. If the lady had not signed the agreement, she would be forced to go back to her family when pregnant, unmarried, and without the unborn child’s father.
Thus, all the parties need to accept the agreement. Each party should be given enough time to think and make a decision on the agreement. You shouldn’t just do it hurriedly a few days before the wedding.
Other factors can make the court overturn the agreement. For example, enforcing the agreement will lead to substantial injustice or cause hardship to the other spouse. The courts consider this mostly if there is a child they are caring for.
You should seek advice from a family lawyer like the Brisbane divorce lawyers, specializing in prenuptial agreements if you require any assistance on this agreement.
