What is Included In a Prenup?

It can be a sticky topic to approach before an exciting wedding, but there are many men and women out there who wish to protect themselves from a costly divorce, and get a prenup drawn up. A prenuptial agreement is essentially a legally binding document which states that in the event of a divorce, certain aspects of one of the spouse’s lives are not up for debate with regards to the division of assets. When it comes to prenup lawyers Melbourne offers some excellent law firms which can help in the drawing up of the agreement. There is much that cannot be included in this agreement, but here are some examples of what can be included.

Children From Previous Marriages

Children from previous marriages should always be included in this kind of agreement. This basically means that the parents will always have sole responsibility for the wellbeing of those children, regardless of what happens.

Premarital Assets and Debts

Any assets owned or debts accrued by either spouse prior to the marriage will not be up for discussion in the event of the failure of the future marriage. This is the most common reason for a prenuptial agreement. This kind of thing is usually in place when one spouse is far wealthier than the other, in order to protect those assets for the wealthy spouse’s children upon their death.

Family Property

The family property of one or both spouses can also be included into this agreement, which will ensure that they remain with the family no matter what happens in the upcoming marriage. This is often used to safeguard family heirlooms or inherited properties, so that it can be passed on to biological children in the future.

Dictation of Division

In terms of family lawyers, Melbourne attorneys often ensure that they include in the prenup what exactly will happen to assets in the event of a divorce. This is not only to protect each spouse but also to ensure that any future divorce proceedings run very smoothly. During the course of the marriage this agreement can be tweaked, but only if there is the agreement of both spouses.

Business Ownership

And finally we often see a partner in a business look to safeguard their stake in the company, should a divorce take place. This gives shareholders and other board members confidence and it is a pretty standard practice for company owners.

This may not be an easy topic to bring up but there is a very smart and logical reason for prenuptial agreements to be put in place. We have seen many occasions of spouses failing to put together such an agreement and the results can often be tough to see, especially if the divorce occurs soon after the marriage vows have been taken.

To sign a prenuptial agreement both spouses will require either a shared lawyer or individual lawyers, depending on which way round they would prefer to have this document made legally official. Any further questions which you may have, feel free to get in touch with us.