As the date of your wedding nears there are likely many things on your mind – venues, dresses, the cake, the band – but it is also important during this busy time to consider whether you and your partner need to discuss and make plans concerning your individual or joint assets and debts before you marry.
Pre-Nuptial Agreements are becoming increasingly common as parties recognize that a Pre-Nuptial Agreement can be a flexible planning document that can achieve many purposes and provide certainty and security to both parties. A Pre-Nuptial Agreement can do many thing such as:
- Establish each party’s property, assets and debts before the marriage
- Outline how the parties intend to share their assets and property during the marriage
- Provide for dependants and children of previous relationships
- Protect corporate and company assets
- Set out how property division and support matters will be addressed in the event of separation or divorce
As a Pre-Nuptial Agreement sets out each person’s entitlement to and responsibility for assets accumulated and debts incurred during the marriage it is important that each person receive legal advice from a lawyer before entering into a Pre-Nuptial Agreement. This ensures that each person fully understands their legal rights and responsibilities and the effect of the Pre-Nuptial Agreement they are entering into, as well as ensuring that the Agreement is legally enforceable.
If you and your partner are considering entering into a Pre-Nuptial Agreement we would encourage you to speak with a member of Walsh LLP’s Family Law Group whom have extensive experience advising individuals on a wide range of topics and important considerations that arise prior to and upon marriage.