The ins and outs of prenuptial agreements

The ins and outs of prenuptial agreements

A prenuptial agreement may be the last thing on your mind when you are getting married. Although it may not be a very romantic discussion, have this conversation with your partner so you can secure your personal and business finances in the future.

Get educated about prenuptial agreements so you do not leave your business vulnerable.

Prenuptial agreements provide certainty and security. Some benefits include:

  • Certainty regarding what will happen to your financial assets in the event of a relationship breakdown
  • Minimal legal costs during a separation
  • Protection of assets you owned before the relationship
  • Tax concession and stamp duty advantages

Aside from the obvious emotional concerns of planning for a scenario you hope never plays out, prenuptial agreements have several possible downsides including:

  • Preparation of the contract can be costly
  • Time-consuming and expensive legal advice that both parties must seek
  • The complexity of preparing the arrangement when considering children

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

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