According to the Australian Bureau of Statistics, 121,197 couples exchanged wedding vows in 2014. A separate survey, meanwhile, estimates that among newly-wed couples, one in three eventually faces divorce. This is thought to be because 27.5% of weddings involved individuals who were in a previous marriage.
Reserved for Celebrities? Not Anymore
With these numbers, it is no surprise that more Australians are beginning to embrace the idea of a prenuptial agreement. Today, more couples are considering visiting a reputable law firm such as Rapid Legal Solutions to learn about their options. From a legally-binding contract that was originally reserved for celebrities trying to protect their multi-million dollar earnings, it evolved to something even ordinary couples are willing to take part in.
In the inaugural survey launched by leading wedding fair organiser One Fine Day, it showed that 60% of couples are happy to sign a prenup before tying the knot. Some 20%, moreover, disclosed that they are looking at it as an option.
Prenuptial Agreement Misconceptions
In the past, prenup agreements were considered taboo. According to Sydney-based coach and counsellor Vanessa Auditore, this is because new couples who were in the ‘honeymoon period’ may have an idealised view of life. They could have shied away from tough decisions, afraid of giving off the idea of not trusting their partner enough.
In fact, the truth has nothing to do with prenuptial contracts. If anything, they are a good way to make sure both parties are accountable for their decisions.
The common belief that an individual or couple can only enter into this kind of agreement before marriage is also not true. Couples can sign this kind of contract before, during, and even after the marriage. They may even sign the agreement before, during, or after the breakdown of the said relationship.
Most couples, moreover, think that only those with million-dollar assets can benefit from this contract. Some lawyers, however, observe that a lot of disputes among divorcees stem from splitting some hundred thousand dollars. As it details the assets each person has brought into the relationship, it also reduces the legal costs both parties need to face during a divorce.