Prenups
A ‘Prenup’ is a Binding Financial Agreement made under Section 90B or 90UB of the Family Law Act.
It is a contract between couples about to commence a relationship which determines how their property will be apportioned if they separate. It ousts the jurisdiction of the Family Court. Properly and fairly done, they are binding.
Both parties need to have independent legal advice, and must be prepared to disclose their financial circumstances to each other.
Bank of Mum and Dad v Family court
Young couples wanting to get into the property market are having a hard time of it. Interest rates have skyrocketed, as has the value of property.
Enter the Bank of Mum and Dad. How is the loan to be recorded? What if they separate? The answer is a limited Financial Agreement which is executed by the couple and the parents providing the funds.
Family Law and Prenups Explained
To understand why the need for a prenup, you need to know how the Family Court treats pre owned assets, gifts, inheritances and family trusts. All property, whether owned before the relationship commenced or obtained after it ends, is included in the asset pool and available for distribution. The only way to prevent this from happening is to have a Prenup.
Prenups mandatory for Blended Families
Wills and Estate lawyers carefully ensure that in a Blended Family, Wills, Powers of Attorney and the like are in place in case of death. But rarely is any serious consideration given to a separation, which happens to over 50% of relationships.
Quarantining Family Assets from the Family Court
This article is a two page summary of the first paper, specifically dealing with how to quarantine assets from the Family Court.
time running out for baby boomers to thwart family law claims
This article deals with the Court including recent inheritances, particularly from Baby Boomers, in the asset pool.