PLEASE NOTE! Agreements become legally binding only when each party has received
Certified Independent Legal Advice - Click Here For More Information
Financial Agreements: During Marriage And Planning To Stay Together
The wedding papers you sign on your wedding day are probably the most important and binding legal document you will sign through out your life. The marriage contract is a legal commitment that each partner makes to the other that is defined, regulated and enforced by law. Marriage in Australia is defined by the Marriage Act 1961, s5(1): “Marriage, means the union of a man and a woman to the exclusion of all others, voluntarily entered into for life." A marriage contract gives the married couple certain rights – for example
By entering into marriage the couple promise that they will respect, care and support each other and any children of the union. The marriage contract also covers provisions regarding property rights, custody rights and impacts on inheritance rights. For example, the Family Law Act allows claims even over future income ... account is taken of a likelihood of a change in the financial situation of either party in the future by reason of superannuation payments, finishing a degree and so on. In the past – roles within marriage were quite clear. The husband provided the only income and the wife cared for the home and children. Division of property and issues of maintenance reflect this common arrangement. A recent estimate of the earnings that a woman forgoes as the result of taking on the role of home maker and caring for children amounts to 28 per cent of her lifetime earnings or $200,000 for the birth of one child. In marriages where basic assets comprise close to the entirety of the couples’ asset wealth, most property is split 50/50. However where there are more than basic assets, a woman’s non-financial contributions, particularly in terms of child-rearing, means that she may well end up with more than half the property, especially if she has the care of children under 18. It is important to remember that debts are treated just like assets. It is possible that husbands and wives can incur debts in each other’s names especially if there are family businesses. Australian law differs from the law in other countries- there are no automatic property rights for each spouse. Whilst a spouse usually has the right to share ownership of property acquired during marriage, with the expectation that the property will be divided between the spouses in the event of a divorce or at death, non-financial contributions of the parties are taken into account. Of course, these days it is more common that both partners will work and bring income into the union. Perhaps the wife will bring in income whilst the husband cares for the children. Each partner may have existing assets, children or debts. These new arrangements and circumstances in the modern marriage need to be considered when entering the marriage contract. If the traditional methods of dealing with assets, maintenance and children do not suit your personal situation then you should consider implementing a financial agreement under the Family Law Act. This financial agreement will in most cases let you decide for yourselves how your property should be handled. If there is a financial agreement, the role of the court in any separation process is simple and administrative: It declares the ending of the relationship, allocates property according to the financial agreement, and takes into account the needs of children when making an allocation of custody and access rights. Then people can get on with their lives with the past behind them. The old relationship is dead and they can begin anew, re-partner, and build a new family life. Defining Marriage Today. Marriage in Australia is defined by the Marriage Act 1961, s5(1): “Marriage, means the union of a man and a woman to the exclusion of all others, voluntarily entered into for life." The minimum legal age for marriage is 18 for both genders. Certain unions are not marriages. For example a same-sex union that has been solemnised in a foreign country is not recognised as a marriage in Australia Recent changes to the law allow de-factos in both same sex and opposite sex relationships to claim against each other in some cases even where the only contributions have been homemaker/parent contributions. In this way, de facto couples are now bound under legal obligations much like the marriage contract. Post Nuptial agreement kits are available for immediate download Only $129.95 !
 This comprehensive Post Nuptial Financial Agreement Kit has been drafted to comply with section 90C of the Family Law Act 1975 and provides all the guidance you need to create a legally binding, protective Post Nuptial Agreement. It includes
Important note: Under the Family Law Act this agreement is binding only when it is signed by both parties and contains a certificate confirming that each party has obtained independent legal advice prior to signing the agreement. Our financial agreement review service is available as an option with this agreement.
|
The right to be free of parental control
the Post nuptial Financial Agreement Template 
Sample Document Excerpt
Questions?
Give us a call on 0266725904
Links
Married Extra Information
Australian statistics show a trend towards divorces later in life; in 1985, 15 per cent of divorcing husbands were aged 50 or older, but in 2005, 28 per cent were in this age group. There is also an increasing trend towards divorces involving couples who had been married for 25 years or more. Marriage in the modern era is no longer considered to be 'permanent regardless...' and with statistics showing a failure rate of 48% and rising, it's unlikely to ever be seen this way again. More often peope are getting married multiple times and accumulating assets and property along the way.
So with this in mind, securing your assets and protecting what you own today has to be a good idea don't you think?