When you and your spouse or partner are in the exciting phase of planning your family, there are a range of things from a ‘family law’ perspective that you should consider getting sorted.
There is a very real chance that if you are planning to have a family, you have:
- possibly a property
- cash savings under the pillow
But who gets it in the event your relationship dissolves, or you are no longer around? Is there enough to divide between two people?
You wouldn’t want your house being contested by a family member and taken from your partner and new baby. Or you wouldn’t want your ex-partner receiving your lump sum superannuation payout because you forgot to change it over to your new family.
If you're planning a family, here's a few legal considerations to be aware of you might want to take care of.
Have you considered Will and estate planning?
As you enter into this new and exciting stage of your lives, you need to have a Will and final testimony in place in case of the worst happening. While it might seem morbid planning your Will, it is an essential way to ensure your last wishes are carried out, and your possessions are distributed in an appropriate manner.
Speaking with a family law expert about your will and arranging a legally-binding will to be drafted and saved can ensure that your assets, and their division after you pass, is as you intended it to be when you were alive.
Is there enough to cover your expenses if you're not there?
If you have financial liabilities – such as mortgages or other creditors – your lawyer can have the conversation of what would happen if you were not available to maintain these expenses and recommend a financial planner.
The aim is to ensure you are leaving enough through superannuation and life insurance so that your new family is protected and safe no matter what.
Do you need a prenuptial agreement?
Although a ‘dirty word’ in many circles, prenuptial agreements are very important for people. This is the case when one partner may have come into the relationship with considerably more assets and property than the other partner, or there are children from a previous partner that their share of assets are to be protected.
Marriage and de facto relationships change many things when it comes to the splitting of assets and property. A prenuptial agreement is a way to plan for the potential future of divorce (1/3 Australia marriages end in divorce) by ensuring that there is no disagreement at the end of the relationship. It also means each party walk away with what they had when they began.
If you're about to plan for your family and want to ensure all your legal cornerstones are in place, chat with the team from McClure Law today.