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Pre Nup Agreements
Prevention is a better cure!
As regularly as the daily news, the headlines shout details of celebrities’ relationship break-ups, some a world away. But often the headlines deal with matters closer to home for many of us.
Sir Paul McCartney turns 64 this month, which also marks the end of his short four-year marriage with Heather Mills. Sir and Lady McCartney have a two-year-old daughter, Beatrice Milly. Depending on the outcome of two cases to be decided in the House of Lords, Lady McCartney could make a claim for up to a quarter of her former husband’s estate, said to be some £800 million.
Most of us enter into a marriage or de facto relationship thinking it will last forever. Sadly some relationships will end. Separation for any couple is difficult enough and even more complicated where one has a lot more assets than the other. Have you considered what will happen if things don’t work out? That what you see as “yours” may go to your ex-partner?
One way to prevent this uncertainty is to enter into a financial agreement (a prenuptial agreement if marriage is intended) or a domestic relationship agreement (for de facto couples). Both agreements can include details such as how the property or financial resources of both parties would be dealt with in the event of a breakdown of the relationship; and maintenance of either one during the marriage, after divorce or both.
Why? Because prevention saves headaches, time and money in the long run. Arguing about how to split the assets can be financially draining on all parties involved. You may be a business owner and want to maintain control during the relationship. Or perhaps you have a family member who has special needs who would benefit from your assets? Are you concerned about STDs (sexually transmitted debt)?
The first step is to obtain comprehensive legal advice from our Team about your options and how to achieve your desired outcome!
Article supplied by Musgrave Peach, Visit thier listing here
stephanie.lee@musgravepeach.com.au |