Prenups are binding financial agreements that determine the spilt of a married couple’s assets in the case of a divorce or separation. These documents have traditionally been seen as binding and stable ways to assure individual wealth remains intact.
However, a recent High Court ruling has seen an agreement overturned on the grounds of coercion. This has sent shock waves through the legal community, as such a decision has serious implications for the future of such arrangements.
Ultimately, this is a sign for all the family lawyers in Sydney to reconsider their approach to prenups and ensure that the right process and precautions are taken to ensure that the document holds up.
It also indicates that anyone considering entering into such an arrangement should be equally cautious. Hiring the best family lawyers in Sydney can help you to make sure that your document holds up, especially in light of the recent ruling.
Here are some factors you should be considering when creating a binding financial agreement with your fiancée!
Surpasses legal rights
When you enter into a prenup, you are assenting to the terms presented to you and recognizing that you allow these terms to take precedence over your legal rights under the Family Law Act.
It is your responsibility to ensure that you approve of the conditions – which is why it is so important for you to hire family law solicitors in Sydney who can take you and your partner through the process.
It is a significant consideration to make and shouldn’t be decided based on minimal thought. The law can be hard to navigate and help is key in working towards an outcome that is ethical and valid.
Must be voluntarily signed by each party
The binding financial agreement must be voluntarily signed by each party. This means that no duress, undue influence, or form of coercion can be used to ensure a signature. In the case mentioned above where the court ruling overturned the prenup, it was ruled that a form of coercion had been used.
If you want your arrangement to remain valid, it is important that you abide by the rules and ensure there is no ethical misconduct involved in the process.
Seeking advice from family law solicitors in Sydney will allow you to make informed decisions and avoid the situation of your settlement being overruled.
Each person’s full financial position must be included
To ensure that the document is valid, within it, each person’s full financial position must be outlined. If there are assets that are not included, this could deem the papers invalid.
It is important to ensure that the written papers are comprehensive and follow all the necessary rules. Hiring family law solicitors in Sydney is useful for this reassurance.
Having a professional overlook your documents is wise as they have the experience and expertise to advise you and ensure a legitimate outcome.
Both parties must have received legal advice independently
Both parties included must have received independent legal advice in order for the arrangement to go ahead. This is to ensure that each person knows what they’re entering into and is happy to sign and be subject to the conditions.
It is important to enlist family law solicitors in Sydney to fulfil requirements and ensure that the process runs smoothly and with ease.
These arrangements are a tricky ground to navigate. It is important that you seek professional advice in order to ensure the legitimacy of your settlement.
As society changes, rulings and law become affected. This is something to keep in mind when preparing legal papers, as you must consider their legitimacy in the future.