What is a Post Nuptial Agreement?
A post nuptial agreement is a Financial Agreement created under section 90C of the Family Law Act 1975.
A Post Nuptial operates in a similar way to a Pre Nuptial agreement except it's made after the wedding. Post-nuptial agreements deal with the difficult issue of how to establish an equitable distribution of shared assets and interests if the marriage breaks down.
It is common for couples to make such agreements to help resolve issues in their marriage by removing a source of disagreement over finances, assets, children, etc. Post Nups 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.
Many couples will be surprised to learn that making a post nuptial agreement can actually promote harmony by helping one or both of the parties to feel more secure in the relationship.
Other reasons a couple might consider a post nuptial agreement.
- An increasing number of families have two working partners. They may be running careers or businesses or both, and for some people, having separate control and ownership over their own creations becomes an issue of major importance. A post nuptial agreement will help to minimise the possibility that these issues will be the cause of a relationship 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 post nup. 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 Pre nup. 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 pre nup before the wedding takes place. So a postnuptial agreement is the logical follow-up.
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.
Post Nuptial Financial Agreement Available for Immediate Download For More Information Click Here
or you can direct to our shop and BUY NOW!