The ins and outs of prenuptial agreements
A prenuptial agreement may be the last thing on your mind when you are getting married. Although it may not be a very romantic discussion, have this conversation with your partner so you can secure your personal and business finances in the future.
Get educated about prenuptial agreements so you do not leave your business vulnerable.
Prenuptial agreements provide certainty and security. Some benefits include:
- Certainty regarding what will happen to your financial assets in the event of a relationship breakdown
- Minimal legal costs during a separation
- Protection of assets you owned before the relationship
- Tax concession and stamp duty advantages
Aside from the obvious emotional concerns of planning for a scenario you hope never plays out, prenuptial agreements have several possible downsides including:
- Preparation of the contract can be costly
- Time-consuming and expensive legal advice that both parties must seek
- The complexity of preparing the arrangement when considering children