Because of the influence of the media, we often associate prenuptial agreements with a young girl married to a rich person. It may have been mentioned mostly in the news, but now it has grown to be a part of life. A prenuptial agreement is an extremely important legal document used to protect the interests of both parties after the emotional breakdown of the relationship. However, its complexity is often underestimated by ordinary people, so that in the judicial practice of family law, such disputes are the most common aspect of client prosecution lawyers.
With regard to Australia's prenuptial agreement, here are ten notes that your lawyer may not even have told you:
1. Property allocation agreements may include third parties:
As of 21 November 2008, Act 1975 (Cth) of the Family Act was amended. The revised Family Law has made great changes in the subject qualification of the third party. This will allow any subject with significant assets to be included in third parties, such as companies or parents. As one of the parties to the prenuptial agreement, the contribution of third parties to marital assets can be protected. This is an advantage that can be exploited, especially if parents have assets allocated to their children.
2. Property distribution agreements may allow married couples to distribute their property prior to divorce and exempt from stamp duty:
A property distribution agreement may be signed by separate parties. For example, the transfer of ownership between spouses would normally be subject to stamp duty to the goverment, but if the two parties had signed an agreement on the distribution of property and were separated, then, Property stamp duty transferred in accordance with the property distribution agreement may be exempted. Divorce between the two parties is not one of the requirements for exemption from stamp duty.
3. Child maintenance may be included in the property distribution agreement:
Usually when a child reaches the age of 18, he or she is no longer protected by the Child support (Assessment) Act 1989. However, if there is a provision for child support in the property distribution agreement, even if the child reaches the age of 18, financial support can still be obtained in the areas of education, 4 medical care or disability treatment under the property distribution agreement.
(4) some minor details should not be ignored, and some important details can ensure that property distribution agreements can be implemented:
Here are some examples of property distribution agreements requiring explicit terms. If some provisions are not omitted in accordance with the requirements of the family law, the agreement on the distribution of property may be dismissed by the judge (i.e. null and void):
- A detailed account of the background of the relationship between the two sides;
- Income, expenses, assets, liabilities and financial position of both parties;
- Provisions satisfying the formal requirements of S90G (1) (b) and S90 (UJ) (1) (b);
- Any reasonable and predictable circumstances considered by both parties.
5. Sunset clause of the property distribution agreement:
If necessary, sundown clauses can be added to the property distribution agreement, such as the agreement until the birth of the child, or three years after the marriage is null and void, etc.
6. Ability to express in English:
If one of the parties to the agreement does not speak English well or does not speak English at all, then a qualified translator should be hired to ensure that the agreement and legal advice are translated into a language that one party can understand. It may also be prudent to translate the document itself into the language of the other party to the agreement. The risk that one party does not understand the agreement may lead to a denial of recognition by the court.
7. The property distribution agreement also applies to both parties to a de facto cohabitation relationship:
Young couples often live together without any knowledge of the consequences of the distribution of property. So, if both parties plan, or have lived together for a long time, or have children, then it would be wise to sign a property division agreement to clarify the distribution of property between the two sides in the event of a breakdown of the relationship.
8. Modification of the property distribution agreement:
When a property distribution agreement is signed, a new situation may arise, requiring modification of the property distribution agreement by both parties. Past jurisprudence has made it clear that property distribution agreements, as amended by mutual agreement, are also legally binding.
9. Cost:
For any property distribution agreement to be properly handled, experienced lawyers are required to deal with it with full knowledge of both parties. Agreements that charge unusually cheaply, often using previously used templates, are not "tailor-made" to the specific circumstances of both parties, and are often unenforceable and lead to disputes. In general, tailor-made agreements cost about $4000 to $8000.
10. Agreement on the distribution of property in the fight against no-fault marriage:
In the 1970s, the behavior of both sides of the marriage was not related to how the division of property was determined. However, Family Law 1975 (Cth) S90K (1) (c) or S90UM (1) (f) encourages clients and their lawyers to predict changes in the environment. If the agreement covers the possibility of actual occurrence, drafting and writing a new agreement under S90K (1) (c) or S90UM (1) (f) will be more difficult. For example, a wife was so unhappy with her husband that she gave up her job or moved abroad.
Disclaimer: this article is written by WB Legal lawyer Wang Wenbo and Zhang Chaojun. Copyright and all rights are reserved by WB Legal Group Weibo Group.
