Many people avoid discussing sensitive issues such as prenuptial agreements before they get married. In the extract below, you will learn about prenuptial agreements and why you should consider it before your wedding day. 

What Is a Prenuptial Agreement? 

It is a contract between two people in a de-facto relationship or those that wish to get married detailing how they wish to settle affairs should their marriage or relationship come to an end. Although most agreements cover property division, it would be worthwhile for the couple to consider child support in the contract. 

Why Should You Have a Prenuptial Agreement? 

Below are some benefits of a prenup:

• It eases the divorce process. The agreement is legally binding; hence, it allows the couple to settle matters outside court. As such, they can avoid legal fees and the emotional turmoil that comes with divorce proceedings.
• The agreement can help protect your inheritance, personal assets or those from a previous marriage.
• A prenup will address debt. It ensures that you do not incur liability due to your partner's personal debt.
• It encourages couples to discuss money matters openly and without prejudice. Therefore, it may encourage them to be honest about other sensitive issues.  

What Is the Process of Having a Prenuptial Agreement? 

The first step would be introducing the subject to your partner. Encourage him or her to give an honest opinion about the issue. If you decide to proceed, the Australian Family Law requires that you seek independent legal advice from a family law solicitor. Subsequently, you will discuss what you would want to be included in the contract. 

Your lawyer will then prepare a contract covering all aspects of your agreement. The document becomes legal once signed by both parties. It should be prepared and signed a few weeks before the wedding. If you do not understand the legal terms in the contract, seek help from a solicitor. 

Can a Prenuptial Agreement be Revoked? 

The Australian family court can nullify the prenuptial agreement if one of the parties coerced the other to sign, or if the parties did not seek independent legal counsel. It can also be revoked if a party failed to disclose their property when drafting the agreement. If either of the parties was not in their right state of mind when signing, the court will nullify the contract. 

A prenuptial agreement encourages couples to discuss money matters honestly. Do not rush into signing the contract. Contemplate what it means to you and the relationship before signing. To learn more, contact your local family law solicitors.