FAQs about Family Law

TIPS FOR PRENUPTIAL AGREEMENTS

Prenuptial agreements tend to be used by people who are on their second marriage and by those who want to protect the wealth of children from the first marriage. The agreement provides clarity in relation to divorce settlements.

A prenuptial agreement is a contract between two people not yet married that specifies the distribution of assets in the event of divorce.

Tips for couples before entering into a prenuptial agreement:

  • The most important part is to ascertain your financial situation before marriage
  • Make a full disclosure of all your assets to your partner. Otherwise, the court may strike out a prenuptial agreement if it thinks that full disclosure was not made.
  • The agreement must be in writing
  • Get the details from your future spouse about all assets and clarify the process for debts incurred before marriage
  • Include provisions in the event of divorce. i.e.  Financial provisions for maintenance of children.
  • Consider situations such as savings, purchases, and pay rises and decide how they would be distributed
  • Establish who will pay for children’s education and decide on contributions.
  • Each party should have a different lawyer. This will help avoid complications and will protect interests of both parties separately.
  • The agreement should be drafted before the marriage and signed by both parties in the presence on a notary public
  • The terms must be fair in order for the court to take it seriously.
  • A prenuptial agreement can save money and possible future disagreements in relation to financial arrangements and distribution of assets in the event of a divorce.

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