Are you wondering about the prenuptial agreement Australian cost and whether a prenup is right for you?
In Australia, one-third of all marriages will end in divorce. As such, the grim reality is that a prenuptial agreement has become more necessary than ever for the average Australian.
The purpose of this article is to discuss the cost of a prenuptial agreement in Australia and showcase why it having one in place is worth it to the average Australian.
What Is a Prenuptial Agreement In Australia?
In Australia, a prenuptial agreement is known as a binding financial agreement. The document is a legally binding agreement that:
- Lists all of the assets of the couple
- Provides how the assets will be distributed amongst the couple if the relationship was to breakdown
A prenuptial agreement in Australia can also include specific provisions relating to spousal maintenance.
Spousal maintenance refers to the payments made from one spouse to the other to financially support them following a divorce or separation while pursuing education or seeking employment.
The Family Law Act 1975 deals with spousal maintenance provisions:
1. Sections 90UA-90-UN are concerning De facto relationships
2. Sections 90B-90KA deal with marriages.
Prenuptial Agreement Australia Costs Involved
Thanks to what can be attributed to American television, a common misconception about prenuptial agreements is that they should only be utilised by wealthy people who have many assets.
This is far from the truth. The average Australian would benefit significantly by safeguarding themselves with a prenuptial agreement compared to the costs involved in the average divorce and property settlement proceedings.
The prenuptial agreement Australian cost is something that is not set in stone. This is because the cost of the document will depend on multiple factors such as:
- The time and labour involved in drafting the binding financial agreement by your solicitor
- The number of assets and liabilities each party has
- The time it takes for the parties to negotiate on mutually satisfactory terms with the assistance of solicitors
Accordingly, a prenuptial agreement can typically cost anywhere between $2500 up to even double this figure.
Is a Prenuptial Agreement In Australia Worth Getting?
A prenuptial agreement in Australia is worth having in place for the average Australian. Here are some of the critical benefits of having one highlighted below:
Costs – The prenuptial agreement Australian cost mentioned earlier may seem rather pricey to the average Australian. However, it is essential to remember that these figures are far less in contrast to what can be expected in some divorce proceedings involving the contention of property and assets.
A prenuptial agreement will also save you a great deal of emotional turmoil, stress and time in contrast to Court proceedings.
Certainty – Unlike Court proceedings, having a prenuptial agreement in place will assure each party knows how their property will be divided if their relationship breaks down.
Flexibility – A prenuptial agreement provides unlimited flexibility for parties to determine how their property and assets will be distributed if their relationship was to end.
Speed – Prenuptial agreements can be prepared and executed very quickly compared to other mechanisms such as an Application for Consent Orders.
Protection – A prenuptial agreement provides you peace of mind of knowing that you are protected if your relationship ends, unlike uncertain Court proceedings. Additionally, where you may have been previously married multiple times, a prenuptial agreement can ensure your assets go to your children rather than your spouse.
Importance of Seeking Legal Advice
When discussing matters such as a ‘prenuptial agreement Australia cost’, it is essential to remember that not every prenuptial agreement in Australia will cost the same amount.
To better understand what your particular prenuptial agreement will cost, please feel free to get in touch with one of our friendly and experienced family lawyers today.
Here at JB Solicitors, we’ll make the process as pain-free as possible. We have fixed-fee pricing for family law, giving you a clear sense of the costs from the start, and we will be sure to help you out every step of the way. With years of experience under our belt, we pride ourselves on making each client’s family law experience as positive as possible.
Contact JB Solicitors today to speak with one of our friendly and experienced family lawyers.
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