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Couples Urged to Ensure Pre-Nups are Legally Binding The Law Council has cautioned couples to ensure any financial agreements they enter into before, during or after marriage are legally binding. Law Council President John Corcoran said "DIY kits, currently being promoted, may initially appear cost effective but could come at a great cost down the track, because you must have legal advice for an agreement to be enforceable." "People should not be fooled into thinking that agreements they have drafted themselves can be legally enforced if they have been entered into without the appropriate legal advice. They are very important documents and the need to obtain independent legal advice is there for very good reasons." Mr Corcoran said, by entering into a financial agreement, couples give up their rights to have a court determine disputes about the financial matters covered in the agreement. A binding agreement can only be set aside in very limited circumstances. "When financial agreements or pre-nuptial agreements operate smoothly, they are an effective means of allowing couples to avoid or settle a dispute without having to enter the courtroom. This is beneficial to both the individuals involved and the court system," Mr Corcoran said. "Independent legal advice is critical so that each person understands the commitments they are making, the consequences of the agreement, and the effect of the agreement on their legal rights," he said. "People should always seek legal advice before entering into an agreement which will ultimately take away their right to access the court system for working out financial disputes if their relationship breaks down," Mr Corcoran concluded. Law Council Reprinted with the permission of the Law Council of Australia |
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