Prenuptial & Cohabitation Agreements
You can enter into an agreement with your partner/spouse either before, during or after marriage, to clearly set out how assets will be split up if you separate in the future. The difference between a cohabitation agreement and a prenuptial agreement is that a prenuptial agreement covers the situation when a couple lives together before marriage, whereas a cohabitation agreement covers the situation during the marriage, or de facto relationship which includes same sex couples.
An agreement is very important, particularly if you own more assets than your partner, to ensure those assets are distributed correctly in the event of future separation. The agreement will spell out exactly what each party will get if separation happens, and how funds will be paid, or assets divided.The agreement should be prepared in detail, with careful steps taken to ensure that the final agreement is binding and can't be ruled invalid by the Court, should one partner choose to challenge the agreement in the future.
More people are now recognising the benefits of "investing" in a prenuptial agreement now, to avoid expensive court proceedings in future should separation occur. Talking with your partner about this important topic doesn't have to cause arguments, and with our help, the process can be made easier.