My girlfriend and I are finally planning to marry after 5 years of on again off again co habitation.One issue that has caused my partner to procrastinate in regard to getting married is protecting her assets.She has considerable equity in her home and is the sole beneficiary of her parents estate which includes another home.Her parents are in there 80s.I I myself no longer own a home and am not in a strong financial position.I suspected her procrastination was to do with assets and so i recently told her I suggested we draw up a pre nup.I am happy to sign away any future claim to her real estate ect but i would expect that any any assets accumulated after we marry be split 50 50 in the event of future separation.We are planning to get a home loan together to buy a new property next year.She plans to rent out her existing home and we would live with her teen age daughter in our new home.I would like to get some ideas on what I should be entitled to include in a pre nup.
QLD Pre nup entitlements ?
- Thread starter Joerogan
- Start date
Hi, Joe. It is entirely open to negotiation as to what you and your partner provide for in the terms of the Binding Financial Agreement (BFA). Most parties to these BFAs are advised by their lawyers to have the terms of their BFA reflect what the Court might order in the case that there was no BFA in place. To determine what such an entitlement might be there is, roughly speaking, a four-step process adopted by the courts:
1. Identify and value the assets and liabilities owned by the parties at the time of trial (i.e. once the relationship has ended);
2. Consider whether it is just and equitable to make an Order altering the interest of the parties in their property;
3. If so, determine the level of financial and non-financial contributions made by each of the parties to those assets and liabilities; and
4. Consider whether the 'future factors' (such as the age, health and income of the parties).
That is to say, if you and your partner were to split in, say, 10 years from now, your entitlement might be more or less than 50%. There are myriad considerations to bear in mind when working out the terms of a BFA. You should speak with a lawyer to get thorough advice. I don't think you will get all of the answers on a legal forum like this. Regards, Luke Shanahan
1. Identify and value the assets and liabilities owned by the parties at the time of trial (i.e. once the relationship has ended);
2. Consider whether it is just and equitable to make an Order altering the interest of the parties in their property;
3. If so, determine the level of financial and non-financial contributions made by each of the parties to those assets and liabilities; and
4. Consider whether the 'future factors' (such as the age, health and income of the parties).
That is to say, if you and your partner were to split in, say, 10 years from now, your entitlement might be more or less than 50%. There are myriad considerations to bear in mind when working out the terms of a BFA. You should speak with a lawyer to get thorough advice. I don't think you will get all of the answers on a legal forum like this. Regards, Luke Shanahan
Hi Rocket - You should be able to find my contact details here: Contact Shanahan Law | We are Happy to Assist You 24/7
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