For advice on Prenuptial agreements please contact Cristina Huesch at Alliance Family Law (CONTACT ).
“More women are seeking information on protecting their wealth in the event of a relationship break-up,” claims an article at SBS.
“Sisters are doin’ it for themselves when it comes to investing their wealth – and now they’re seeking more advice on how to protect that wealth in relationships.
Australia has one of the highest divorce rates in the world, with current trends suggesting that one in three marriages will end in divorce, according to data from the Australian Bureau of Statistics.
While a prenuptial agreement may not be the most romantic gesture in a relationship, more Australians are seeking them out to protect themselves, says solicitor Sze Lim from Perth-based family law firm Holden Barlow.
“There’s a lot of women these days buying property in their own names, or they stand to inherit money and they or their parents don’t want that to be shared,” Ms Lim said.
“Most of our clients, by the time they’ve come to see us, have realised this is something that can happen because the separation rate is so high and no one is exempt from it.”
Asking a partner to sign a prenup can create relationship rifts, Ms Lim said, but the alternative is losing your assets in the event of a break-up.
“It does feel really unnatural because you’re preempting disaster,” Ms Lim said.
“I had a client whose fiance broke up with him because of it.”
A prenuptial agreement can be made at any stage of a relationship but it can be dangerous to do it just before the wedding because arguments of duress could arise, Ms Lim said.
It’s best to get it done before moving in with a partner and it’s important that each party fully disclose all their assets, she said.
Although more women were becoming aware of the need to get a prenuptial agreement, the number of women actually getting agreements remained low, said Svetlana Vrzovski, financial consultant at Strategic Prosperity Group.
“Women are becoming much more aware of their position, especially a lot of older women that have gone through a break-up … but the numbers are still very low,” Ms Vrzovski said.
“More people are thinking about putting something in place but when it comes to the actual practical doing side, I don’t think people have got over that line.
“People are often optimistic, which is not a bad thing, but it can leave you in unstable waters if things don’t go as you would like.”