Women who have gone through a separation or divorce will be the first to tell you that the process is daunting, expensive, lengthy and exhausting. You work hard, build your wealth, meet “Mr Right” and fall head over heels into a relationship, only to realise some years later that “Mr Right” was not all you expected. Suddenly, the joyride comes to an abrupt stop as your relationship is reduced to paperwork and numbers.
It is a harsh reality when you are told by your solicitor that when it comes to your property matters, it does not matter that he cheated on you, and that it does not necessarily matter that he did not bring the same amount of wealth into the relationship or contribute as much as you did financially… the reality is, he potentially has a claim to your assets, even those you owned prior to your relationship. You can fight it in Court and potentially win, but in most cases; it will cost you more than it’s worth, both financially and emotionally.
So what do you do? At the risk of saying the words that are still considered by many as taboo, you protect your assets, and you get him to sign a Binding Financial Agreement, or what is more commonly referred to as a Pre-nuptial Agreement.
Sure, it’s easier said than done, after all, how do you ask the man you love to sign a document that in short says, “in case we don’t work out, I keep my things, and you can’t touch them”. It implies you do not trust the relationship will work and that you do not trust him… at least that is how a lot of people see it. What you are really saying is, “I have worked hard to build my wealth. If things were to get ugly between us, promise me you won’t try to take away what I have worked so hard on my own to build.”
A Binding Financial Agreement will protect the assets you have accumulated prior to moving in with or marrying your partner. At the same time, it will allow you to decide together, in advance, and whilst you both have each other’s best interests in mind, what you think is fair and what you will do with your property in the event you separate.
You can do this and be proactive, or alternatively, take a reactive approach and try and sort through the mess when both of you are broken hearted and potentially upset at one another. Spend a little now to secure your interests, or spend a lot later in a bitter fight to the end, where potentially, no one wins.
Binding Financial Agreements can be entered into prior to or once a couple are living together; and at any time prior to or during a marriage. If you have separated, and you are concerned about your rights, we can also assist you. Contact our Family Law Solicitor on 07 5555 0000.
This article was featured in Label Magazine, by Simon Bennett