And while I am the first to wish my friends all the best when they tie the knot, it is a sad fact that not all marriages and unions will last forever.
I don’t want to put a dampener on things…but;
According to the Australian Bureau of Statistics, in 2012 there were 49,917 divorces granted…I’m unsure of the number of marriages which end in divorce, but I am sure that we all know someone who has been through one.
Something we’ve often seen on television and in the movies is the “pre-nup” (pre-nuptial agreement) – I don’t personally know anyone who has entered into a “pre-nup”, but the older I get…the more logical they seem.
In Australia, a “pre-nup” is known as a Binding Financial Agreement (BFA) and they are recognised by the Family Law Act 1975 (Commonwealth).
A BFA, which must be prepared by a lawyer, is not completely watertight, but can be a great way to be transparent with your partner about your financial situation.
You might want to consider a BFA if you:
- are marrying later in life
- are part of or are entering a blended family
- have children from a previous relationship
- have significant assets
- wish to avoid an expensive legal process in the event of separation/divorce
I know all of this doesn’t seem very romantic, but I’m sure if you ask a recent divorcee…they would support my recommendation to at least consider this…