Property and Spousal Maintenance:
- What assets are there to be divided and how are the assets to be divided? (There is no rule that assets must be divided equally, so each case must be considered on its own merits.)
- Is there a spousal maintenance component?
Everyone plans for and enters into a marriage pretty much entirely focused on the positives. However giving some consideration to some family planning in a financial sense is something Mason Westover Homburg strongly recommends in order to avoid potential difficulties should the parties go their separate ways in the future. Finding agreement before taking the plunge should be viewed as a positive for the relationship. A plan devised when people are thinking clearly is preferable to attempting to make a plan when difficulties arise.
Philip Westover of Mason Westover Homburg has over 30 years experience in Family Law. The Family Law Act allows people who are planning to marry to enter into a written contract to record their agreement as to how their assets are to be divided in the event of a breakdown of the marriage (a Binding Financial Agreement, commonly referred to a Pre-Nuptial Agreement). However is such an agreement has not been made the Act allows for a written agreement to be made during the marriage, or after the breakdown of the marriage, to record the terms of an agreement about division of financial resources.
Assets of third parties may in certain circumstances be dealt with by Family Court orders, so some form of formal agreement can become vital. Such assets can include interests in family businesses, including farms.
For an agreement to be binding each party must give a full disclosure of assets and must have independent legal advice. The solicitor for each party must certify that they are satisfied that their clients apprear to fully understand the legal effect of the agreement. There is no substitute for the advice of an experienced solicitor, and Mason Westover Homburg should be the first port of call for people considering these matters.