Prenuptial agreements have become a norm in most modern marriages. In Australia, family lawyers are a critical element when drafting prenuptial agreements. Here are some benefits of hiring a family lawyer when drafting a prenuptial agreement.
Independent Legal Advice
Under Australian law, couples that wish to get into prenuptial agreements must seek independent legal advice from a licenced family lawyer. Typically, the lawyer will go through the contract and inform you whether it protects your interests. For instance, if you are a stay-at-home mom, you should have a significant share of the joint assets since you will be making an indirect financial contribution to the union. If you have a considerable inheritance or personal assets, the lawyer will advise how you can use the agreement to protect this wealth. The lawyer will also explain the provisions of the contract. For instance, if you run a joint business with your spouse, what happens if you divorce? How will you resolve disputes? The prenup must have an amendment clause that allows you to change the terms of the contract to suit changing financial and personal situations.
Legality Of The Agreement
The lawyer will also ensure that the contract meets the minimum legal requirements. For instance:
- Both parties must be of sound mind when drafting and signing the contract.
- The contract should not have illegal or outrageous provisions. For example, it cannot penalise a cheating partner or determine the sexual lives of the couple.
- Each party should have adequate time to read and understand the terms of the contract. The contract could be declared null if it was signed on the night before the wedding.
- The contract should not contain contradicting clauses.
Negotiating The Terms
If you are not satisfied with the terms of the prenup, your family lawyer will contact your spouse's lawyer and renegotiate the terms. The primary benefit of leaving negotiations to the lawyers is that it helps prevent emotions and hostility since one party could feel taken advantage of. Besides, your lawyer will advise on the benefits of compromise as you renegotiate the contract.
Amending The Terms
After the marriage, you could want to amend the contract to accommodate new changes to the relationship. For instance, take a situation where a spouse has had a financial windfall. Your lawyer will change the term of the contract to reflect your reality. There are also instances when you would want to terminate the prenup during a divorce. If this is the case, your lawyer will help you to nullify the prenup.
When creating a prenup, a family lawyer will offer independent legal advice, assess the legality of the agreement, negotiate and amend the terms. Contact a family lawyer for more information.
