Marriage is an exciting adventure for everyone who pursues it, at least in the beginning. All too often people decide to marry one-another and fail to plan for if the worst happens simply because they’re too head-over-heels in-love to contemplate that love ever waning.
Engaging a prenup lawyer is a sensible course of action that more couples are deciding to take as a precautionary measure against messy family law disputes should they divorce. As the name implies, this kind of solicitor deals with helping couples draft and officiate prenuptial agreements, which are known as Binding Financial Agreements (BFAs) in the Australian legal system.
So, what is a BFA exactly?
A BFA (binding financial agreement) is something that is created with the help of a prenup lawyer and sets out in writing what assets belong to you and which belong to your spouse. The agreement allows you and your spouse to set out the rules for what assets and debts will belong to whom if and when your relationship breaks down.
The rules you set out aren’t beholden to the way in which the family courts evaluate the division of assets during divorce proceedings, meaning you can be a lot fairer and more creative in how things are divided between you. This agreement can also include plans for how any children would be cared for following a split.
The document needs to physically exist, be signed by both parties who have been counselled by their individual legal representatives. The solicitors you bring with you need to review the agreement and confirm they gave advice regarding it before it can be finalised.
This covers all the checks and balances so that there’s no room for the BFA to be disputed later on by someone saying they were coerced into signing it. There’s no room to say that you were misled or taken advantage of when several lawyers have inspected the agreement and recommended it to you.
Should you use a prenup lawyer?
Yes, it’s always prudent to engage a prenup lawyer for the purposes of creating a binding financial agreement. The only reason people don’t enter into a BFA is because they either don’t consider it or one partner feels that the suggestion of entering a BFA is a way of saying “I’m not 100% certain our marriage will work and I’m preparing for a life without you”.
While it can be difficult for newlyweds to imagine splitting up, most marriages end in divorce, so it’s simply common-sense to organise a BFA as soon as you get hitched. While you may think “I love my wife/husband, there’s no way we’ll ever split”, remember that most ex-wives and ex-husbands thought that about their partner before things went haywire.
In short, there’s no good reason not to engage a prenup lawyer prior to getting married or even during your marriage. It’s never too late to make a mature decision and prepare for a worst-case scenario.
What are the benefits of using a prenup lawyer?
Obviously, the primary utility of a prenup lawyer is the reason you use them. However, you should note the other benefits that entering into a BFA gives you and your family.
- Peace of mind
- Tax benefits
- Private and confidential
- Immune from family court meddling
Hopefully the above information has given you valuable insight into engaging a prenup lawyer.