Pre-nups

Discussion in 'Legal Issues' started by Property Twins, 27th Jul, 2015.

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  1. Terry_w

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

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    Breach of contract probably. But that doesnt mean a trust relationship doesnt exist but is evidence against it. Do you have a written deed?
     
  2. jaybean

    jaybean Well-Known Member

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    Don't even know what one is, I assume it's a contract between mum and I that binds the bare trust? I'm going though RPI so I'll be sure to ask his guys to do one up for me.
     
  3. Terry_w

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

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    A contract? You probably breached the terms of your agreement with the bank. You will need to read the documents and see if your need to tell them if you were acting as trustee. Most i have seen warrant that you are not acting as trustee unless you have disclosed to the lender.
     
  4. Mombius Hibachi

    Mombius Hibachi Well-Known Member

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    Last edited: 12th Aug, 2015
  5. Lizzie

    Lizzie Well-Known Member

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    Hubby and I had a BFA when we started living together - we both came in with our own assets of near equal value (he property - me cash) and we wanted to make sure that, if it didn't work out, we could leave with what we came with and 50% each of the remaining balance.

    We had both been divorced and were well aware of "losing" everything. However, the lawyer who wrote it up at the time (1997) said that it was "an agreement" only and unlikely to be held up in court.

    18 years later - and a significant increase in wealth - I don't think the prenup is really relevant anymore.

    That being said - of all the "youngsters" I know - aged 30 and under - not one is married, but rather happily living with their partners of long duration (up to 8+ years) - none have kids - and none see the point in getting married
     
    Last edited: 21st Aug, 2015
  6. TMNT

    TMNT Well-Known Member

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    I always say to those people who say going into a marriage and if you mention prenup is the same as expecting a fail

    'do you have car insurance, do you expect to have an accident?'

    what are the odds of having an accident vs divorce,

    I know what odds Id take
     
  7. Biz

    Biz Well-Known Member

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    The car doesn't have feelings. Unless your car is Herbie?
     
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  8. Perp

    Perp Well-Known Member

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    It's thinking that it's down to "odds" rather than "effort" that's indicative of a non-starter in the spouse stakes. :)
     
  9. TMNT

    TMNT Well-Known Member

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    Thats a good point

    But how many people do you hear say. Oh we are different. We are not one of the 50% that fail

    With so much at stake with up to a 50% chance (badically the same odds as a casino) if you think setting yourself back 20 years is worth it then or if you thibk its a batttle scar or its a case of "manning up" then go for it

    But if you think that you are different when stats show its up to 50% then you are simply deluded
     
  10. Perp

    Perp Well-Known Member

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    Actually, I think people who say that are usually right. The 50% who fail are, in my experience, generally the people who think it's simply a matter of playing the odds and "hoping" they're not one of them.
     
  11. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Bare Trust Deed deposited in solictor's safe custody facility is good evidence. In relation to the loan agreement, there will be a clause in there and you may well be in breach but it depends if the consequences of that breach are better or worse than the consequences of not having a bare trust
     
  12. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    My Family Lawyer has been around for a decade and she has had BFA's stand up in Court.

    To give you an idea of the complexity of BFA's, we do consent orders stamped in the Family Court and the price for that starts at $2,750, our price for BFA's start at $6,500.
     
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  13. Terry_w

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

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    Yes I agree RPI.
     

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