Financial Agreements, pre-nups and post-nups
Dividing your property after you separate can be a complex exercise, particularly if you own property in jurisdictions outside of where you live, or in more than one overseas jurisdiction. Similarly, asset planning at the start of a relationship or deciding how you will divide your property in the event that you one day may separate, can be just as complex and obviously needs to be addressed delicately.
Financial Agreements (also known as pre-nups and post-nups) can be made under Australian law even if you do not reside in Australia or are not an Australian citizen. This type of Agreement can be executed at any time prior to or during a marriage or de facto relationship (including same sex couples), or even post-separation to formalise a settlement agreement.
Although the preparation of Financial Agreements is a technical process which requires a appropriate legal advice, the protection they afford is unique. If drafted correctly, they will oust a court's jurisdiction to consider your matter and allow you to determine for yourselves how your assets should be dealt with in the event that you and your partner separate or divorce.
Financial Agreements and asset protection
Some people use a Financial Agreement to deal with all of their assets and financial resources, while others focus just on specific assets. For example, you can use a Financial Agreement to quarantine property only held in a particular country, family gifts or inheritances and beneficial interest in family trusts, both existing and future.
Financial Agreements can be a useful tool for people who wish to protect their own assets and financial resources during their lifetime. They can also be helpful when considering how to safeguard assets which are intended to pass to children or future generations.
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