Please contact Freedman and Gopalan Solicitors today on 02 8917 8700 to see how we can help you in your separation.
Are you getting married soon? If the answer is yes, then undoubtedly you will have so much to do in the lead up to the big day. You have to choose the perfect dress, a memorable venue, delicious cake and the rings. However, many couples will not have a lawyer on their wedding to-do-list. The harsh reality is that 1 in 3 marriages end in divorce in Australia. While it may be highly unromantic or alarming otherwise to be discussing and negotiating prenuptial agreements, but the sooner you do, the better it is. It will eventually save you when the due time comes to distribute the assets.
Long gone are the days when a prenuptial agreement was a term confined to celebrities and power couples. Nonetheless, young couples who are getting married, with a limited amount of assets and intending to start a life together, are usually exempt from a prenuptial agreement. In the event that both parties possess a significant amount of assets before entering into a marriage, a prenuptial is highly recommended in that scenario.
What is a Prenuptial Agreement?
A prenuptial agreement (‘prenup’) is a legally binding financial agreement entered between two people in a relationship who intend to wed or live in a de facto relationship. In Australia, prenuptial agreements are known as Binding Financial Agreements (BFAs). The document confirms:
- What each of the parties had before the relationship;
- Has brought into the relationship; and
- How finances will be divided and sorted between the two parties if a separation or divorce occurs in the future.
Due to the fact that prenuptial agreements are generally attached to a social stigma, many Australian couples do not consider it before they tie the knot as research indicates only 14% of Australian engaged couples have signed prenuptial agreements. Prenuptial agreements are the seatbelt to any relationship, especially when you consider the fact that every third marriage in Australia potentially ends in divorce according to the Australian Bureau of Statistics.
If you have any questions about an existing prenuptial agreement, or you'd like to consider entering into a prenuptial agreement, give us a call on 02 8917 8700 or fill out the enquiry box and we will get back to you ASAP!
Lending money can be a stressful and unpleasant experience. If you have loaned money to friends, family or close associates, the process of recovering the money can also take an emotional toll. Consequently, deciding when to collect – and when to forget – is critical.
There are several factors you might want to consider when deciding whether to collect a debt.
1. Has the debt simply been overlooked or forgotten?
Depending on your relationship with the debtor, a friendly reminder can often be more productive than a formal letter of demand.
2. How much time will you spend pursuing the debt?
Time is money, so if the debt is small, it is sometimes more effective to spend time looking for new business.
3. How long have you waited to collect your debt?
Some time limits apply to debt collection. If you wait too long, you may not be able to pursue what you are owed.
4. Is the debtor able to pay?
Consider whether the debtor is solvent. If they will be unable to pay you even once they’ve liquidated their assets, it may be best to negotiate a payment plan or engage in External Dispute Resolution.
If the debtor is still unable to pay, you may be able to retrieve the funds from a guarantor or co-borrower. You could also enforce your legal claim to a security interest (if you have one) such as a charge over the debtor’s mortgage or their company’s assets.
Forgiving a debt can be a very challenging process, especially as doing so involves relinquishing a right to collect what you are owed. Engaging an experience lawyer can help you determine when and how to pursue a debt.
If you require any further assistance in recovering a debt or wish to speak to a legal professional to assess your individual circumstances, please do not hesitate to contact our office on 8917 8700.