Essay on Necessity of Pre-nuptial Agreements within Australia

Necessity of Pre-nuptial Agreements within Australia Legislation recognising pre-nuptial agreements has been well overdue and this recognition will significantly improve the social and economic impact of divorce. Pre-nuptial agreements, however controversial, are nothing more than a commonsense idea which not only eases the burden that the financial division of divorce has of the courts, but makes the whole divorce proceedings emotionally and financially easier for everyone involved. Something as simple as a contract which states the financial situation of each party before marriage is not giving up before youve even started, but an effective marriage contract which allows the partners to discuss their financial situation†¦show more content†¦It also deals with, to a small extent , the extra finance given to whoever would have custody of the children post-divorce, though this is mostly in the hands of the divorce courts. (www.pre-nuptialagreements.com.au) All of these factors can only help the social and economic impact of divorce, as it is making it easier for everyone involved. Before December 2000, pre-nuptial agreements were not held legally binding by legal courts - couples could form their own agreement before marriage but the courts did not have to stick by them. This created a problem within the marriage where certain circumstances called for the division of property to be different from that as stated by the Family Law Act. Some of these special circumstances might include if you want to keep premarital assets seperate, if you are blending families (both partners already have children), you want to ensure that the family wealth stays within the family, or if you simply just want certainty as to property rights and maintenance payments upon a potential divorce. (www.pre-nuptialagreements.com.au) A newspaper article written on the day that prenuptial agreements became financially binding writes: Pre-Nuptial agreements became legally enforcable today in an effort to reduce the amount of time taken resolving disputes in the Family Court.... Sydney family law specialist Bill Karras said theShow MoreRelatedCase Study16130 Words   |  65 Pagesof those short-listed – Richard Kitson – wanted to know from his side whether Sarsen was ambitious, keen, prepared to take calculated risks and adventurous. A match had been made. Richard had experience within the public sector – leading and growing a local authority housing service, and within the housing association world – managing the fastest-growing region of a well respected national association with a long history of success, including managing large numbers of staff in an operation that