Pre-nup

Discussion in 'Financial Planning' started by KinG3o0o, 18th Dec, 2019.

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  1. KinG3o0o

    KinG3o0o Well-Known Member

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    inspired by another forum

    Whos got it, Who hasnt,

    who believe in it, who doesn't,

    also interesting to hear your story how you break it to your partner or other way around,

    i have a pre nup, my partner was well aware if we were to get married, its going to happen, so it was not a difficult conversation, she know the family she is getting in to and its kinda SOP.
    no dramas. but i would say cant be easy for some,

    i have a prenup that supposedly cover "all countries"

    but i had 2 done, where most of the wealth is held,
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Legally I believe in them, but I don't have one and would never bother.
     
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  3. rizzle

    rizzle Well-Known Member

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    How much do they cost?

    No children or trusts or anything complex, just a simple "I keep that, you keep that, and the rest we split".
     
  4. # 1

    # 1 Well-Known Member

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    Is the reason you don't have one and wouldn't bother because you wouldn't put yourself in a position where you would have to divide your assets? In other words you would avoid living with a partner for more than 6 months and be classified as defacto, or it's because you're already married?
     
  5. KinG3o0o

    KinG3o0o Well-Known Member

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    good questions, i mean everyones situation will vary, but i wondered if it can be back dated or "from now on"
     
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If a spouse wants to take all my assets so be it.
     
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  7. VanillaSlice

    VanillaSlice Well-Known Member

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    If you believe in them then why would you never bother about having one ?
     
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't need one. I am willing to give it all away or negotiate out of it.

    I have no moral stance one way or the other and recommend then to clients all the time.
     
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  9. VanillaSlice

    VanillaSlice Well-Known Member

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    seriously ? you would happily give up all your hard earned assets and retirement nest egg to a spouse regardless of what happens ? even in the event of betrayal, cheating etc etc ....

    and having to start all over again from scratch in the twilight years is also OK ?
     
  10. thatbum

    thatbum Well-Known Member

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    I would never use one myself because I believe that 99% of the time what a former partner is entitled to under the law is probably fair.
     
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  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    That is not what would happen at law.
     
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  12. VanillaSlice

    VanillaSlice Well-Known Member

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    This is nice to hear :)

    Say if one spouse has little asset before the marriage and the other much more assets. They have no kids and divorce. Can the spouse with little asset make a claim on half the asset owned by the other spouse prior to the marriage ?

    I know some one who owned a bunch of IPs. He married and divorced 6months later and lost half of his assets to the ex who had very little. He's still bitter about it as the ex cheated on him. I don't know the full details but it was a sad story.
     
  13. VanillaSlice

    VanillaSlice Well-Known Member

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    Sorry I don't quite get this. Can you explain what you meant or add some context?
     
  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    There is a general misunderstanding out there that a woman 'comes with a hand bag and leaves with a house'. Not the case.
     
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  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Any spouse can make a claim, but whether they will be awarded anything is a different matter.
     
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  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    You'll probably never know the full story. They could have been together for years before the marriage, she may have made a claim and he agreed to it as he didn't want to fight it, he might have gotten bad advice from friends/relatives who would have said she was allowed to have 50%, he might have sought no legal advice etc
    Generally she wouldn't be entitled to half but that doesn't stop people claiming it.
     
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  17. VanillaSlice

    VanillaSlice Well-Known Member

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    I think you are right about him not seeking legal advice or wanting to fight it out in court. They married after 3 months of meeting then went separate ways 6 months after. The divorce was probably finalised 12months after that. I think he's probably impulsive and just wanted out of the relationship.
     
  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  19. VanillaSlice

    VanillaSlice Well-Known Member

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    This is true and nice to hear coming from a man :) Have occasionally heard that some men get taken to the cleaners by their ex wives but rarely the otherway round... And from somewhere that if a man gets divorced and looses the family home then he'll never recover from it. I never understand why so hence wonder how much of this is true...

    Apologies to the OP, my post is getting off topic a little.
     
    Last edited: 18th Dec, 2019
  20. thatbum

    thatbum Well-Known Member

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    There's been a fair bit of research into this, and its almost always the other way around. Typically the ex spouse that made the financial contributions will recover within around 5 years, while the non financial spouse never recovers financially.

    But as Terry said, typically the stories you hear are made up, exaggerated, or the most common for me: miss out key bits of information to suit the teller of the story.
     

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