Financial Agreement - Prenup or Postnup Anyone?
Most people are happy to make financial plans for the future – to obtain and follow advice – to have a succession plan – and to consider what is to occur when they die. Wills are entered into and are the subject, though sometimes uncomfortably, of discussion within families and between spouses. It is generally clearly considered and known who will receive a person’s assets when they die. But there is rarely a discussion or a plan as to what occurs should a marriage or de facto relationship break down. As part of any financial plan, consideration should be given to whether spouses (or intended spouses) need a binding financial agreement (“agreement”). The question then turns to who needs an agreement?