FINANCIAL AGREEMENTS
"I do…" the two words exchanged between a man and a woman on what they believe will be the first day of the rest of their lives together. Unfortunately, in today's society this is not the case. Divorces are becoming more common, having an increase of 982 divorces in 2012 compared to 2011 (Australian Bureau of Statistics, 2013). Which in turn has people turning to financial agreements to help protect their assets. There are three types of binding Financial Agreements under the Family-Law-Act 1975("FLA") Section VIIIA - Before marriage, during marriage and after separation. A prenuptial agreement is the common phrase used for a financial agreement before marriage ("FLA"), these agreements are legal contracts, which address a range of issues outlined in the Family Law Act 1975, such as:
- “How in the event of marriage breakdown, all or any of the property or financial resources of either or both of the parties is to be dealt with
- The maintenance of either party during the marriage and/or after dissolution of marriage
- Any incidental, ancillary or other matters to those above. The FLA provides no definition or examples of these terms. An ancillary or incidental matter is one which has a sufficient connection with the subject of property division or spousal maintenance during marriage and/or after dissolution” (Prenuptial Agreements Australia,2009)
Financial agreements are not as new as they may seem, In fact, Stoner and Irving stated in Prenuptial Agreements: How to write a fair and lasting contract, that "People have been making prenuptial agreements for thousands of years. Scholars tell us that the practice dates back to the ancient Egyptians, and that pre-nups have existed for many centuries In Anglo-Amer...
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...g into a second/third marriage or with money to lose, and specifically if children are involved. It is no longer an individual consideration, other peoples futures are at stake, the care, residence and financial support of children could all be at risk. Therefore, a prenuptial agreement could be very beneficial if something was to go wrong. I believe in the business axon - Fail to plan, plan to fail. This is basically saying that, if you fail to plan the potential fallout, you are planning to fail anyway, so what is the big issue with signing another contract. In the past, prenuptial agreements were wanted but not granted, when made official, their aim was to bring the act into line, becoming more and more successful. In the future, I believe, that having prenuptial agreements will be a great benefit to solving disputes after and if a divorce is to occur.
Marriage is a commitment that seems to be getting harder to keep. The social standards placed on an individual by society and influenced by the media inevitably lead some to consider divorce as a “quick-fix” option. “Have it your way” has become a motto in the United States. It has become a country without any consideration of the psychological effects of marriage and divorce. The overwhelmingly high divorce rate is caused by a lack of moral beliefs and marital expectations.
Every year approximately 2.4 million marriages occur.Out of those,2.1 millionwill file for divorce in the United States. These marriage and divorce rates have significantly increased since the years past(Coltrane and Adams, 364).According to Schoen, in the 1950’s, 15 out of 1,000 marriages ended in divorce.In the 1970’s, the rates of divorcedoubled,increasing to 40 per 1,000 marriages. Currently, the rate of marriages resulting in divorce remains the same. Most marriages are ending within seven years ofthemarriage for multiple different reasons. Sociologists haveestablisheddivorce as a social problem from the rise in divorcerates due to the early year of marriages (2006).
Since males acquired all the assets and children during a divorce, a woman’s only hope to gain freedom and assets was to rel...
Speech-language therapy, to help improve your child’s communication skills. Cognitive behavioral therapy (CBT), to boost your child change his way of thinking. Parent education and training uses techniques your child learns so you can work on social skills with him at home. Applied behavior analysis which is a technique that encourages positive social and communication skills in your child, and medicine although there is no drugs approved by the FDA, there is medications that can be used to help Asperger related symptoms such as depression, and anxiety (“Asperger's
Autistic Spectrum Disorder is one of the most commonly diagnosed childhood disorders (Autism Society Canada. 2010). It can be characterised by communication challenges, social development impairment , ritualistic behaviours and resistance to change (Tougher. 2012). There can also be intellectual skills as well as unusual responses to sensory outputs (Tonge. 2002). As of yet the cause is not yet determined but experts believe it may be a result of a combination of genetic and environmental factors (Weber & Newmark . 2007). The school system in Australia requires a professional medical diagnosis for the required funding and support to be given to students with ASD (Skellern, Schluter & McDowell. 2005).
A key problem with the current divorce law is that if a couple has simply fallen o...
marriage and sets guidelines for property division in the event of the dissolution of the marriage.
Divorces begin with an application to the court asking it to declare that there has been a breakdown of the marriage. This application must include paragraphs which refer to where and when the marriage took place, who the children were, who should have custody and why, if there is to be support for one of the spouses paid for by the other, and what is to become of the family property. Certified copies of the marriage certificate and any birth certificates are attached. The claim for support is known as "Corollary relief" and may be for the spouses and/or the children (claims for custody also fall under corollary relief claims). When corollary relief is requested, a financial statement which sets out your families monthly expenses in detail is required.
Divorce, in history, has always been considered as a deviance of society. However, in the modern world, where people have senses of individualism, divorce has become a phenomenon. There are numerous reasons for divorce, from not knowing each other well enough before marriage, lack of money, long distance relationships, frequent disagreements to partners...
Many people main life dream is to marry the person they have fall in love with someday. However, most of the time, this dream can be shattered. When the expectations they have for the relationship are not met, the marriage starting to fail and the end result can be devastating. When two people make a commitment to live with each order happily ever after, the worst thing that can happen is to deal with divorce. Therefore, there could be numerous factors or causes contributing to the end of a matrimonial union between two persons, such as lack of communication, infidelity and financial issues.
There are three reasons that cohabitation before marriage is beneficial; it allows couples to learn one another and as a team forms an identity, decide if marriage is for you, and lowers the divorce rate.
It is easy to understand why finances continue to be the leading cause of divorce, especially when many couples tend to overlook the practical aspects of marriage before combining everything as marital property.
The marriage contract has three necessities: mutual agreement by the gatherings, two male witnesses, and a mahr. According to Siddiqui (2007), a Mahr is defined as " term granting the bride some amount of money or property" (p. 639). Modern day, these contractual agreements may contain itemized terms with respect to what every companion anticipates from the marriage, including everything from where the couple will live, the wife must take cooking lessons, or even the privilege for the wife to keep her spouse from taking different wives. Both sides must consent to the terms, with the choice to drop the marriage plans on the off chance that they can 't concur (Siddiqui, 2007). This systematic arrangement may appear to be odd under the customary American idea of marriage including two individuals who date, experience passionate feelings for, and discuss sentimental pledges, however the considerable greater part of Muslim relational unions, even in America, are in some capacity arranged. Furthermore, the understanding may even be arranged by the lady 's and groom 's relatives (Siddiqui,
Many people cite money as a cause of divorce. In fact, the statistics of a survey conducted by Citibank on divorce in the United States suggested that more than fifty percent of divorced couples cited money problems as the cause of their divorce [2]. I believe that money has a role in society and in marriage. However, the lack of money does cause discord between a married couple. This can be referred to as financial incompatibility, which is based on the views that each partner has of the partnership of marriage from a financial viewpoint [2]. Further, he/she should also think about the effects of divorce on their financial situation. Also, they should know that divorce does not solve financial problems. Instead, the divorce must be paid for and the divorced couple must now set up two households instead of one. Further, This is a classic example of why divorce is not necessary and sex indiscretion is.
In order to understand the definition of “spouse” in the context of extra marital affairs, it is important to define extra martial affairs. Extra marital affairs, which can also termed as adultery or infidelity is generally defined as consensual sexual and romantic relationship where one - or both parties - is legally married to another individual. Several jurisdiction discourage extramarital affairs such as India, Taiwan, Pakistan and Philippines and criminalise the behaviour. Under the Australian legislative statutory, it would seem that extramarital affairs go beyond the norm due to the insistence of “a mutual commitment to a shared life as husband and wife” under the Migration Regulation 1994 amendment rules. However, this law is generic