Separate debts are debts that are the responsibility of a party, and the responsibility for that debt is therefore not shared in the event of adultery. Responsibility for the payment of a “separate debt” rests solely with one person who has either been at fault or has agreed to assume responsibility for the debt. Pre-marriage agreements clarify current and future financial and real estate issues prior to marriage. In general, they determine who the parties are, what their assets and short-term liabilities are, and how all current and future real estate is treated in the event of adultery. While the inclusions or terms of a marriage contract may be flexible, Tuskeen says a typical starting point for a prenup is to check the assets of both parties when they enter the relationship. She adds that in general, “the agreements will tell you what is yours and what belongs to me in the event of separation, but everything we acquire together during the relationship is shared either by the sharing of assets or by the sale and sharing of income.” So, essentially, couples in a prenupe before starting their relationship de facto or getting married. A similar type of agreement, which defines how assets and liabilities must be split when a relationship breaks down, can be concluded at any stage of the marriage/relationship, and even after the end of the relationship. This agreement covers a very wide range of possible outcomes and also addresses many issues that need to be agreed upon during your marriage. There are delays that affect the agreements. You have to go to the family courts: no one gets married to divorce later in life. As such, the benefits of Prenups are easily waived ahead of a wedding. There is an old saying that is true here: “No one plans to fail, but many do not plan.” A prenup is simply risk management for your life.
Prenups are a security device that becomes even more relevant when one in three marriages in Australia ends in divorce (ABS). There are many different ways to judge own property in case of adultery. The LawDepot Marriage Agreement allows you to choose the two most common methods for evaluating jointly owned properties or, if you wish, create your own.