Prenuptial Agreements: Potential Benefits for Couples Who Stay Married

It is made between spouses before they marry or enter into a civil partnership which establishes how they wish their assets to be divided if they should divorce or have their civil partnership dissolved.

Promotes Honest Communication about the Couple’s Finances

Act of creating a prenuptial agreement lead the couple to honest and complete communication about what they own and what they owe. With that knowledge, the spouses can work together to create a financial strategy that is beneficial to them as a married couple.

 Useful Estate Planning Tool
A prenuptial agreement can be a useful part of a couple’s estate plan. For example, a pre-nuptial agreement can be used by a spouse to sign away his or her rights to be the beneficiary of an insurance policy or retirement plan. This is particularly important if the spouse is required by law to be a beneficiary of such a policy absent an agreement otherwise. A prenuptial contract can also be used by a spouse to sign away his or her rights to the statutory spousal share of the other spouse’s property when the spouse passes away.

Include Rules
It includes all the rules governing the ownership and use of assets during the marriage and the settlement of said assets in the event that the marriage is dissolved.

Protection from Accrued Debts

Not everyone getting married has large assets. In fact, many people choose to get married despite the fact one party in the relationship has an unreliable finance history. In this situation prenuptial agreements can protect the other party in the relationship from previously accrued debts.

Benefits
• It also protects the disputes and apprehension between the parties about the division of assets.
• It is also used to preserve inherited family wealth.
• It is very useful for the couples to enter into pre nuptial agreement before the marriage.
• It will keep the cordial relation between the spouses.
• It also minimizes the injustice between spouses.
• Each couple must describe in great the detail his assets in the pre nuptial agreement.
• This will help the parties to ascertain which party owns what before the marriage.
• Mostly, the disputes between the spouses occurred on the financial assets. It also strengthens the family relationship and provides the more pleasure to the matrimonial life.
• It is an important document because it determines the ownership of the assets.
• Couples can freely earn or buy anything without the fear that their asset will be divided equally.
• This agreement stops the operation of rule of division of assets on equal basis.

Governing law

Ireland do not have legislation on pre-nuptial agreements.

Contents
• Strength family relations
• Determine ownership of assets
• Protect from debts
• Useful estate planning tool

Reason to buy from Net Lawman
The prenuptial agreement from Net Lawman provides you a comprehensive range of agreements that save your time and can be amended accordingly as and when required.

Importance of Pre nup agreement

Prenuptial agreements: Unromantic, but important
The prenup seems so utterly unromantic — or just plain wrong — but it's also become so right for so many these days: those keenly aware that a marriage may end up in a legal separation, divorce or death. Most prenups tackle financial issues such as real estate, division of bank accounts and potential spousal support in the case of divorce or separation.

Who does it apply to?
A BFA can be made between couples who intend to marry, are married, or have been married. Same sex couples and defactos have always been able to have a contract between them.

It needs to be signed by both parties, and a certificate of legal advice must be provided that the party concerned has obtained independent legal advice. The Binding Financial Agreement is not legally enforceable until a lawyer explains the BFA.

What does a BFA deal with?
A BFA can deal with any or all property and financial arrangements.
 It can include
• spousal maintenance,
• superannuation,
• and incidental or ancillary matters.

Why are they important?
BFAs result in greater certainty in property settlements. They allow couples who do have a relationship breakdown to take control of their financial affairs.

The agreement allows practical financial matters to be dealt with in a tax effective way. For example joint ownership of shares, real estate, or valuable personal commodities.

This results in greater certainty and avoids conflict over financial matters in the event of a relationship breakdown.

A BFA may be particularly relevant in the scenario where one party is bringing considerable family wealth into a relationship, for the protection of prior assets, or for farming properties and family businesses.
Second marriages should particularly consider a BFA.

Tax Planning
One can provide a tax effective mechanism for the division of property if there is a break down.

Who Needs Them? 
• Anyone about to enter a marriage who is concerned about the inadequacies of the laws in the face of today's social realities;
• Anyone who is remarrying;
• Anyone concerned about protecting the assets of children from a prior marriage;
• Anyone who has a financially dependent parent;
• Business owners, particularly of professional practices and particularly those with business partners, because a spouse effectively becomes a silent partner in the business;
• Anyone with significant separate property in states where a spouse is entitled to a share of income from separate property.
• Anyone whose intended spouse has significant premarital responsibilities, such as alimony, child support, or tax obligations.
• Anyone cautious enough to prefer a written record of the ownership of assets to avoid confusion in the future from creditors or other family members.

Guidelines for creating the agreement
A prenuptial agreement is valid only if it is created under two conditions:
1) There must be "full disclosure" between the two parties, in order that there will not be a finding of fraud, misrepresentation, or duress. Both must thoroughly disclose financial details: income, assets, and liabilities, in the document.
2) Each spouse must individually be represented by separate attorneys prior to signing the prenuptial agreement, again to reduce the risk of drafting and agreeing to an unfair agreement
Once each of the two conditions above are met, and the contents of the prenuptial agreement are satisfactory to both parties, you and your spouse each need to sign the prenuptial agreement, and the prenuptial agreement must be notarized.

Governing Law
Prenuptial agreements are recognised in Australia by the Family Law Act 1975

Contents
• Importance of finance agreement
• Who need them
• Governing law
• Assets distribution
• Full disclosure of assets
• Guideline for the agreement
• Tax planing

Reason to buy from Net Lawman
The pre-nuptial agreement from Net Lawman provides you a comprehensive range of agreements that save your time and can be amended accordingly as and when required.

Validity of prenuptial agreement

It is an agreement between two people who are anticipating marriage. In the document, the parties set out how they would like their debts and assets distributed in the event of death or divorce.

Requirements of validity
That each party was of sound mind when it was drafted,
 Each had a thorough knowledge of the finances and assets of the other.
 The document must also be voluntary for both partners; under pressure is not valid.

 Validity of Prenuptial when challenged
The courts typically uphold prenuptial agreements unless one person shows:
1.    It is likely to promote divorce
2.    It was written and signed with the intention of divorcing
3.    One party was forced into signing
4.    It was created unfairly
Issues that are typically addressed by a court if the agreement is challenged:
a. Was the agreement entered into voluntarily?
b. Did the parties have the opportunity to have it reviewed by counsel of his/her own choosing?
c. Was there full disclosure of all assets, liabilities and income?

Additional requirements for valid Prenuptial include:
•    Both parties must voluntarily execute the agreement.
•    Both parties must engage in full disclosure of their respective situations at the time the document is executed.
•    Both parties must sign the document in the presence of a notary public.

What makes it Valid?
A.    It must be in writing and signed by both parties. It is enforceable without consideration.
B.    It becomes effective on marriage of the parties.

 Essential requirements that must be satisfied in order for a premarital agreement to be upheld:
a. There must be full and fair disclosure of the earnings, property, and financial obligations of the parties. A complete and comprehensive financial statement must be attached to the agreement that sets forth the parties' earnings, property, and financial obligations.
b. Both parties should be represented by attorneys. A prenuptial agreement will likely not be enforceable if the other party did not consult with an attorney, or did not waive the right to do so in writing.
c. The agreement must not be unconscionable. An unconscionable premarital agreement is defined as an agreement that would leave a spouse as a public charge or close to it.

The agreement is not enforceable if the person against whom enforcement is sought proves either of the following:
•    The person did not execute the agreement voluntarily
•    Person was not provided a fair and reasonable disclosure of the property or financial obligations of the other party.
•    That person could not have had an adequate knowledge of the property or financial obligations of the other party.

UK Law
Pre-nups are not strictly enforceable or legally binding in the UK (England and Wales). Unlike a commercial contract one cannot sue on a pre-nup and there is always the possibility that if the marriage breaks down the court will not uphold the terms of the pre-nup.

Contents
•    Definition
•    Validity
•    When validity is challenged
•    Important element to make an agreement valid
•    Issues addressed by court

Why make a Pre nuptial Agreement

Pre nuptial Agreement It is an agreement between two people that deals with the financial consequences of their marriage ending.

Why customized 

It is known as divorce law. However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of the government. In these cases, it makes a lot of sense to get a customized prenup.

Why getting a prenuptial agreement 
Getting a prenuptial agreement is particularly important in following circumstances
• One is much wealthier than partner
It can ensure that a partner is marrying you for who you are, and not for money.
• One earn much more than partner
It can be used in many states to limit the amount of alimony that is payable.
• Remarrying. It can ensure that when one passes away, the assets are distributed according to one’s wishes, and that neither ones’ first family, nor new family are cut off.
• A partner has a high debt load. It can help ensure that a spouse wont share his/her partner’s debts
• One own part of a business.
 It can ensure that a spouse does not become an unwanted partner in one’s business.
• To prevent spouse from overturning One’s estate plan.

 A pre-nuptial agreement can ensure that one’s estate plan works, and, for instance, ensure that a specific heirloom remains in one’s family.
• One is much poorer t han his/her partner
It can also be used to ensure that the partner who is weaker financially is protected.
• If one plan to quit job to raise children.
 A prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.

• Divorce is Easier
Divorce proceedings are easier when a prenuptial agreement has been signed. A pre-marital agreement often specifies how possessions will be divided. This makes it less likely that one will have to go through a long, messy divorce to hash out those details. This is a benefit because a divorce may be an emotionally taxing time. If the divorce is fast, it can also save money on lawyer fees. In this way, a prenuptial agreement can benefit anyone who signs one.

• Reduce Misunderstandings
Arranging a prenuptial contract can encourage an honest discussion about how money will be shared within the marriage. This will reduce potential arguments that may arise after the marriage ceremony. Also, once the agreement is signed, it can eliminate any worries that money or possessions are the true motivator of one or both parties

UK law
Prenuptial agreements have been recognised as enforceable under British divorce law for the first time, in a supreme court ruling today. By ruling that such contracts are legally binding, the Supreme Court has altered the landscape of divorce settlements.

Contents
• Definition
• Why important
• Circumstances when important
• Divorce is easy
• Reduce misunderstanding

What is Prenuptial Agreement?

Prenuptial Agreement

It is also called an premarital agreement, a written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved.

Fairly common
These agreements are fairly common if either or both parties have substantial assets, children from a prior marriage, potential inheritances, high incomes, or have been "taken" by a previous spouse.

Content can be vary

Content can be vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage.

UK law
Prenuptial agreement have not traditionally been enforced in divorce law in England. A divorce lawyer is often asked about the possibility of making a prenuptial agreement before entering into a marriage.

 The normal reason for asking is that at least one of the parties to the intended marriage wishes to preserve previously acquired assets from the jurisdiction of the divorce courts. Unfortunately, the answer in almost all cases is that the jurisdiction of the divorce courts cannot be ousted in this way and that a pre-nuptial agreement is hardly worth the paper it is written on.

Why it is not the worth in English law
In order to understand why this is so one has to realise that the tradition of the English divorce courts is to look at all the assets of the marriage at the time of the divorce and to distribute and in whatever way they see fit and accordance with the perceived needs of the parties and of any children. This is done in accordance with certain principles laid down by statute and case law but nevertheless this is the basic outlook of English divorce law when it comes to regulating financial matters between the parties.

Benefits 
Making a prenup can:
• Protect separate property
• Support  estate plan
• Define what property is considered marital or community property
• Reduce conflicts and save money if one divorce
• Clarify special agreements between one, and
• Establish procedures and ground rules for deciding future matters

Sunset" clause
It often has what is called a "sunset" clause. This usually means that that it becomes invalid after a certain specified time period, or after the married couple has had a child. Sunset clauses vary from state to state. If the sunset clause is ignored, the agreement is void. Some couples then construct a pre-nuptial agreement to change the terms of their marital agreement.

Requirements
It must meet these requirements to be binding.
• They must be written
• The signing of the agreement must be voluntary on behalf of both parties,
• It can be invalid if one partner fails to disclose something important, and marries under false pretenses.
• The agreement cannot be morally or ethically unconscionable.

Contents
Pre nup definition
Benefits
Requirements
Sun clause

What are the advantages and disadvantages of pre nuptial agreement?

A prenuptial agreement is a legal agreement entered into by an engaged couple prior to being married. It provides for an agreed upon distribution of assets if the marriage ends in divorce. A similar agreement called a postnuptial agreement is signed after a couple is already married. Domestic partners may also have a cohabitation agreement.

Not only provides for the event of a divorce
In some countries, the prenuptial agreement not only provides for the event of a divorce, but also to protect some property during the marriage, for instance in case of a bankruptcy.

Advantages
• Making a prenup may actually strengthen ones relationship,
• Communicating about money matters can actually improve the quality of one’s relationship
• Support good communication in marriage

Disadvantages of a Prenup
While there is a lot to be said for a carefully considered, clearly written prenup, there are some downsides to consider.
 It's not romantic.
Discussing what goes into a prenup could be unpleasant and stressful, leaving one with bad feelings about the relationship
The time may not be right
Making a prenup forces one to confront many of these issues now, at a time when one’s relationship may still be new and untested.
State law may protect without an agreement
The laws of state may do a fine job of accomplishing what one want.

UK Law 
In this respect the English courts have not traditionally allowed their discretion to be fettered by pre-nuptial agreements entered into by the parties. It allows the parties to a marriage more freedom to regulate their own financial affairs in the event of divorce.

Are they binding?
Historically, these agreements have not been binding and the Courts have been concerned to protect the financial weaker party. However, recent case law has significantly increased the weight given by the courts to prenuptial and postnuptial agreements.

Benefits of prenup agreement Pragmatic
They are pragmatic rather than romantic. The agreement can offer a measure of comfort to both parties in a betrothed couple because the agreement spells out the division of assets in the event of divorce.

Protection against fraud
It can help to offer some protection against fraud and deception for people who have assets to protect. They can also offer a measure of protection to the spouse with less assets going into the marriage but who invest a substantial portion of their life and time into the marriage.

Protection to both parties
It can offer protection to both parties of the agreement. The person with the higher level of assets can benefit from the feeling of assurance that the other is not marrying for money.

They also benefit from the assurance that they assets have a measure of protection in case the marriage heads south.

Education can be included 
Education can be included as well, so that if one is pursuing an advanced degree, that the degree is not included as a marital asset in the event of a divorce.

Healthy negotiation These can be a healthy negotiation if both parties feel that they have been dealt with fairly Contents
 • Strength relationship
• Pragmatic
• Healthy negotiation
• Protection against fraud
• Not romantic

What’s the Legal Time period for employer to provide employment contract terms?

Employers here in UK are bounded legally to provide employment terms and conditions within 2 months. Important thing that needs description is why we need a professionally written employment contract pack when there is mutual contract between both the employers and employee at point of hiring. Often it seems loopholes are left on part of both employee and employers.

Like for instance I would like to quote my own example over here. I got a job few months ago by virtue of a reference, because of which I didn’t bothered signing an employee contract. Reason I didn’t asked for one was that I felt it would be disrespect to my employer since he enjoys good relations with my reference, and also I was promised full contract after three months. Now this fact haunts me the most because my employer laid me off exactly in nick of three months period leaving me nowhere. Now that’s just one example that’s been put in front of you, there are numerous others.

At least 5.1m Brits fail to read their employment agreement properly, putting them at risk of unfair treatment by their boss, according to new research. In a recent survey conducted by consumer champion (which was conducted over 4000 people) 6 % employees do not read their contracts while 26% of them just read through the lines. Overall, at least two million workers in Britain do not have an employment contract.
Under any circumstance both employer and employee relationship is of great importance.

Employer wants the best services for his business requirement and will hire more than perfect human resource available in the job market. Same goes with the employee who wants the right worth of his acquired knowledge and expertise .For most people, their job is a significant part of their life – therefore before signing a new Employment Contract, you should ensure you are fully aware of what is and isn't included, So in case either party calls it quit, there must be a proper fall back mechanism which make sure they do so the inevitable on mutual grounds serving their interests.

 Good thing about Employment Packs is they cover all the monetary aspects along with employer’s requirements. A well drafted employee contract addresses both employee and employer concerns with clearly laid out terms and conditions. These documents must be flexible. Now these contracts are available on line but everyone wants his hairs done by a barber instead of a cobbler. So it is advised to acquire professional Legal experts or firms services as these Employment Contracts serve as bonds as well.

Laws of England and Wales states that employers must give new employee a written statement of ‘particulars of employment' no later than two months from the beginning of employment. It could be an offer letter or a series of letter which does not require formal employment contract. On point of joining a comprehensive employment contract is provided to employee for review.

According to section 1 of the Employment Rights Act 1996 the following should go in those written particulars:
• Names of the employer and employee
• Date of joining and previous employer and employment record.
• Compensation and remuneration mechanisms.
• Working hours
• Entitlement to holidays, including public holidays, and holiday pay.
• Entitlement to sick pay
• Entitlement to pension if applicable. (Remember all employers with five or more staff should be offering staff a stake holder pension scheme),
• Length of notice which the employee is obliged to give and entitled to receive to terminate his contract of employment.
• Title of the job and work description.
• Timeline whether it is contractual, fixed or probationer job
• Place of job. Employer address, address of employee in case he is a freelancer.
• Collective agreements which directly affect the terms and conditions of the employment

If a British national employee is required to work outside the United Kingdom for a period of more than one month then
• the period for which he is to work outside the United Kingdom
• The currency in which remuneration is to be paid while he is working outside the United Kingdom.
• Any additional remuneration payable to him, and benefits to be provided to or in respect of him, by reason of his being required to work outside the United Kingdom.
• Any terms and conditions relating to his return to the United Kingdom.

Recent changes in employment law affecting this contract
Employment law changes often, necessitating regular updates to our documents. This one was last updated in April 2012.

Account has been taken in this agreement of:
• All employees have the same employment rights regardless of whether they are full-time, part-time,     casual or temporary
• Removal of a retirement age clause
• Government recommendations that companies follow disciplinary procedures recommended by ACAS

What should be the employers concern in an employee contract?
It is extremely important to have an effective employment contract in place both to be legally compliant and to protect your organization. Well drafted employment contracts should deal with issues including:
• Will the employee will work additional hours if required.
• Work flexibility and skill adequacy for the diverse job.
• Appropriateness of employee references.
• Employee reluctance to opt maximum 48 hour working week.
• Whether bonuses should be discretionary or contractual.
• Fines and cut back mechanism.
• Holiday and bank holidays (especially for part-timers), when holiday can be taken and whether it can be carried over or not.
• Whether or not any sick pay over and above SSP is contractual or discretionary.
• The right to require the employee to be seen by a doctor.
• When time off for dental and other appointments should be taken.
• Tardiness and upkeep issues.
• Protection of Confidentiality and Intellectual Property.
• Notice periods.
• Whether you reserve the right to give a payment in lieu of notice on termination, and/or put staff on 'garden leave'.
• Dealing with Misconduct and Grievances
• Effective restrictions preventing your staff from poaching clients or colleagues after they leave.

What kind of non contractual terms can be included in the Employment Pack?
Good thing about these Employment Packs is you can also involve different sets of non-contractual policies and procedures. These clauses normally address issues related to roles and responsibilities pertaining to routine work. Following are the common clauses included
• Disciplinary policies.
• Email and IT policies.
• Equal Opportunities
• Fire drills
• Flexible Working hours.
• Grievance.
• Health and Safety policies.
• Maternity.
• Parental Leave.
• Performance.
• Personal Data.
• Sickness Absence.
• Smoking etc.
• Time Off For Dependents.
• Vehicle Use.

Things to do as an employee
• Read and comprehend your contract thoroughly.
• If it refers to a guide hand book go grab and read it. It’s for your own good.
• Ask as much questions as you can from your employer to clarify terms and conditions. It won’t cost you.
• Upon satisfaction sign your contract and keep it in safest place but not safe enough that you forget about it.