Prenuptial agreements are made prior to marriage. As such, couples who are serious about creating this type of arrangement need to ensure the validity of their contract. For those living in Townsville, for example, Connolly Suthers and other professionals say that family law practitioners are available for consultation in case you need help. Here are some conditions you should follow along with their advice:
More Than Word of Mouth
The first thing to note is that prenuptial agreements must be in written form. Verbal agreements will never be held up in court. The contract must be written down and reviewed by both parties with the counsel of a different attorney for each side. Another important note is that the legal advisor must be practising under the Australian jurisdiction. Prenuptial agreements may be cancelled if one of the partners’ advisors practices law in another country.
Prenuptial agreements are also known as a Binding Financial Agreement. This means the contract primarily deals with the financial assets of both individuals and how these will be affected should the marriage breaks down. As such, the full disclosure of each individual’s financial assets is necessary. The only way to get around this is if one spouse signs a waiver that stipulates the non-disclosure of assets. Without this waiver, non-disclosure can cause the agreement to fail in court.
A Mutual Agreement
Like other contracts, both parties must agree with the prenuptial agreement out of their free will. This is why the courts prefer it if the agreement was signed at a specific time before the wedding. A prenuptial agreement fails if it is signed under duress. As such, agreements signed before the wedding takes place puts it under suspicion of duress.
Waiving the Contract
A couple may choose to set aside the agreement by presenting it to the court. Note that a properly executed agreement can be difficult and costly to cancel. Careful discussion of all aspects of the agreement can help you ascertain whether it is necessary for your situation or not. This way, you can avoid the hassles of entering the agreement in the first place, and the potential desire to cancel it later on.
If you wish to secure your financial state during your marriage and should it end, you need to know how prenuptial agreements work.