Prenuptial agreements have endured a bad rap for a long time despite being a prudent measure designed to protect the relationship and finances of a couple in the event of a divorce. Dissenting voices find the idea of discussing separation even before marriage a turn-off. However, if you consider that one in three marriages end in divorce in Australia, you begin to understand why a section of partners would sign a prenuptial agreement. That said, it is a bad idea to enter into a prenup agreement without a lawyer. Unfortunately, some couples ignore the advice only to regret it later. This article highlights the vital roles that a family lawyer plays in a prenup agreement.
Protects Children's Inheritance
The chances of remarrying after a divorce are relatively high for most people. Sadly, children tend to bear the brunt of a broken relationship. Therefore, it would be naïve to think that your children are safe from financial consequences should your second marriage end in divorce. Such ignorance can deprive your children from the first marriage their inheritance, leaving you helpless. A good family lawyer will help you draw a prenuptial agreement that adequately protects your children's inheritance in the event of divorce or death.
Protection from Coercion
Imagine being in a stable relationship for three years, then your partner proposes that you draw up a prenup agreement three weeks to your wedding day. For most people, it would be difficult to turn down such a proposal, especially after investing three years of their lives in a relationship. However, family lawyers consider it a form of coercion, and it can have devastating financial repercussions if you naively agree to your partner's proposal. Ideally, preparation of a prenuptial agreement requires time and careful planning. An experienced family lawyer ensures that you have adequate time to understand what you are getting yourself into.
Protection from Debts
Even if you have been in a relationship for several years, you might not know your partner's precise financial situation. Therefore, do not rule out the possibility that your partner could be in debt at the time of signing a prenuptial agreement. If you blindly sign a prenuptial agreement, not knowing that your partner has considerable debt, you limit your liability with creditors. An experienced family lawyer working with a private investigator and an accountant will look into your partner's finances. The information uncovered helps you decide whether to agree to a prenuptial or change its contents and terms.
For more information, contact a family lawyer.Share