Financial Agreements Post Marriage: Postnuptial agreement.

A postnup operates in a similar way to a prenuptial agreement except it is made after the wedding under section 90C of the Family Law Act 1975.

Postnuptial agreements deal with the practical issue of how to establish an agreed and fair distribution of shared assets and interests if the marriage breaks down.

It is common for couples to make such post marriage agreements to help resolve issues in their marriage caused by disagreements over finances, assets, children, etc.

Many couples will be surprised to learn that making a postnuptial agreement can actually promote harmony by helping one or both of the parties to feel more secure in the relationship.

Reasons a couple might consider a postnuptial agreement.

An increasing number of families have two working partners, running careers and / or businesses. They may have a strong desire to exercise separate control and ownership over these enterprises. A postnup allows them to set down these arrangement in writing so that uncertainty or conflict is minimised.

Postnups are sometimes considered in mediation where there has been a temporary breakdown in the marriage or the parties wish to establish a degree of certainty as to the financial outcome of any permanent breakdown.

If the financial status of either spouse changes after their wedding. Changes in a career, receiving an inheritance, experiencing a change in investment income, selling a business, etc. are all valid reasons to want a postnuptial agreement.

Remarriage. Individuals entering their second or third marriages who have children from prior unions, who want to make sure that their assets go to their respective children or parents or another beneficiary can benefit from a postnup. As the age of first-time brides and grooms continues to rise, even couples entering into their first marriages are likely to bring more assets to the relationship than was common in the past.

Didn't get around to making a Prenup? It's hardly the most romantic subject and it is understandable if a couple find it difficult to discuss breaking up when a life together is just beginning. Sometimes couples just don't get around to it, or are unable to complete a prenup before the wedding takes place. So a postnuptial agreement is the logical follow-up.

Avoid the Court 

A financial agreement lessens the need to enter court proceedings and extended litigation following a relationship breakdown because it prevents the parties from going to Court for orders relating to the assets and liabilities covered in the agreement.

All litigation is expensive and the outcome inherently uncertain. Matrimonial litigation also comes with an added emotional cost. A financial agreement that provides certainty avoids these financial and emotional costs, and allows a couple to decide in advance what would be a fair division of their assets if, for any reason, their marriage were to fail.

Download your Post Nuptial Kit

This comprehensive 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 agreement.

It includes

Buy the Postnuptial agreement now - immediate download $97  !

 

Because Section 90G of the Family Law Act requires each party to the agreement to receive independent legal advice before the agreement has any legal force, we have introduced our Financial Agreement Legal Review Package.

Post Nuptial Agreement sample - click to enlarge