Necessity of Pre-nuptial Agreements within Australia
Legislation recognising pre-nuptial agreements has been well overdue and this recognition will significantly improve the social and economic impact of divorce.
Pre-nuptial agreements, however controversial, are nothing more than a commonsense idea which not only eases the burden that the financial division of divorce has of the courts, but makes the whole divorce proceedings emotionally and financially easier for everyone involved. Something as simple as a contract which states the financial situation of each party before marriage is not "giving up before you've even started", but an effective marriage contract which allows the partners to discuss their financial situation in a committing, fair and stable environment.
Since the 27th December 2000, pre-nuptial agreements have been legally binding by official legislation within Australia as an effective way to reduce post-marital disputes. (Queensland Broker Feb.2001) Pre-nuptial agreements are basically a financial agreement which are made before marriage. It can be signed by anyone who requires a different property division than that set out by the Family Law Act, and it conveniently deals with difficult issues such as the financial situation of each party before marriage, including share of property and debts and obligations of each party before marraige. It outlines possible future investments and what is to happen to them, such as subsequently discovered property, planned business division, and spousal maintainenece. For a pre-nuptial agreement to be valid, supporting documentation on each pre-nuptial term is required.
Most importantly, it endeavours to do so in a way which is justly equal and fair to bot...
... middle of paper ...
...apart and seeing their parents go through less stress can surely only be of good value for their own future- children whos parents divorce actually have a less chance of having a successful marriage themselves.
A perfect way to sum up the need for individual couples to obtain pre-nuptial agreements is expressed in the quote "Nobody plans to fail- but a lot of people fail to plan". While marriage is traditionally seen as a life-long commitment, with our changing society it is becoming more "Until Divorce do Us Part." There is an unwavering need for pre-nuptial agreements, and this change of legislature whereby pre-nuptial agreements become binding has been well overdue for a long time. Pre-nuptial agreements are useful, provide peace of mind and are an outlet for the greater community as a whole to contribute together to making a more economically stable system.
The marriage contract is essentially a monopoly document. It represents a legally sanctioned collusive agreement between two parties to exclude competitors and restrain trade. It closes the market to competition, or at least it is supposed to. This collusion has benefits as well as costs. Because I have exclusive rights to her affections and property rights to a stream of highly valued domestic services, I place a higher value on my spouse, making me willing to share with her a greater percentage of my wealth. My spouse receives a comparable set of benefits from this collusive arrangement.
For Centuries in our society marriage between man and woman has been a practiced cultural right and custom. Over 90% of Americans will marry in their lifetime and roughly 50% of those marriages will result in Divorce. Many Sociological factors contribute to the high divorce rate expressed in our culture. Reasons that contribute to the divorce rate are longer life expectancy, women in the work force, birth control, social acceptance of cohabitation, single parenting and welfare reform. It is also now socially acceptable and legal to get a divorce due to dissatisfaction and unhappiness. This social acceptance of divorce implies that today there is a changing criteria when entering marriage. Couples today now insist on the element of personal fulfillment and happiness for entering wedlock, where as, in times past this was not one of the main considerations for man and woman to get married.
Reaching an agreement about property and support issues before a marriage occurs can make life easier in the event of divorce or death. Those who already have children or who have substantial assets may benefit the most from sitting down and working these issues out before getting married.
...ue of monetary standing also comes into play after the proposal. In the dealings of settling the family’s and the upcoming couple’s finances, “let candor and generosity actuate you in this difficult transaction” (48).
Currently in the United States, divorce has always been present in society but more significantly after the Civil War. Today, it is estimated that 40%-50% of married couples divorce and subsequent marriages is even higher (“Marriage and Divorce”). When couples seek divorce, it is merely a formal dissolution of a marriage. Every divorce case is different and must find an agreement on issues they once shared. The couples may need to divide there assets, debt, and child custody. Just because the divorce is over, the partners will continue to have some type of relationship in order to meet with court’s final agreements. The divorce rates started to increase when Ronald Reagan signed the nations’ first no-fault divorce bill in 1969 (Wilcox, 2009). A “no-fault” divorce simply means that neither partner in the relationship does not have to have a valid reason or prove that the other partner did something wrong. Many have used the term “irreconcilable differences” where the couple do not see eye to eye anymore. Shortly after the divorce reform, almost every state had some form of “no-fault” divorce law.
...ore than a legally binding piece of paper between two people. Divorce seems to be the nemesis to a happy and fulfilled life.
They wanted to be open to addressing Bob’s concerns about the impending marriage while also expressing their own opinions about a prenuptial agreement. Due to their age and preconceived notions about prenuptial agreements, Edith and Stanley did not feel it was necessary to sign one. Many individuals may also value these same beliefs and feel that a prenuptial agreement may lead to uncertainty about the marriage or feel it is not necessary because they do not plan on divorcing (Mahar, 2003). Edith and Stanley felt that through a family therapy session they may explain their feelings to Bob and have him understand that not every marriage ends in divorce especially due to the couple’s age. Bob was also motivated to attend the session and attempt to express his
... Union Stability: Preliminary Findings from NSFH2. NSFH Working Paper No. 65. University of Wisconsin-Madison: Center for Demography and Ecology. Clarkberg, M., Stolzenberg, R. & Waite, L. (1995). Attitudes, values and entrance in to cohabitation versus marital unions. Social Forces, 74, 609-632. Horwitz, A. & White, H. (1998). The relationship of cohabitation and mental health: a study of a young adult cohort. Journal of Marriage and the Family, 60, 505-14 Kiernan, K. & Estaugh, V. (1993). Cohabitation: extra marital childbearing and social policy. Occasional paper 17, London: Family Policy Studies Centre. Teachman, J. & Polonko, K. (1990). Cohabitation and marital stability in the US. Social Forces, 69, 207-20. Tucker, J. et al., (2003). Parental divorce: effects on individual behavior and longevity. Journal of personality and social psychology, 73, 385-386.
While some find it a waste of their time, others are only frightened by how much money is spent in planning a wedding. In addition, some argue that being married is a huge commitment towards a couple’s relationship and one should only get married if they are ready for that kind of commitment with their partner. According to “The Marriage Problem: Why Many Are Choosing Cohabitation Instead” written by Alice G. Walton, the author discusses the reasons why couples are afraid of taking the next step and getting married. In her article, the author states, “young people voice a number of concerns about getting married, and these concerns may drive them to cohabitate rather than marry. People who opt for cohabitation over marriage tend to cite the fear of divorce as the central reason not to get married.” She supports her opinion by describing how the media illustrates the divorces of celebrities like Jennifer Lopez and Kim Kardashian. Couples like my cousin and his girlfriend are not considering marriage because they find it pointless. Rather than trying to build a stronger relationship with their partner, many cohabitate only to find out that their partner is not what they expected. There is nothing wrong with marriage, but many couples view it as a bad thing. Cohabitation and marriage are contrasted in the economic aspects of the relationship. The couple who decides to
Which law is applied to determine the matrimonial propriety rights of spouse in absence of an ante-nuptial agreement?
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.
Do you ever think about marriage? If so, where, when, how, and who do you want to marry? Do any of those things even matter to you? Everyone regardless of age, gender, background, or culture will contemplate about marriage at least once in their lifetime, in fact some even plan their dream wedding since they were a kid. However, in reality, marriage is more than just a fairytale-like, dreamy concept as some cliche Hollywood films would portrait. Marriage requires countless serious negotiations and decisions, that couples would soon realize deciding on a marriage was only a tip of an iceberg of decision-making. Couples will have to decide on where to live, how to split the work at home, if they want to expand the family, have children, and etc,
The divorce statistics and couples living together paint an interesting picture. More than half the couples that decided to marry lived together before hand.
marriage, divorce and the use of pre-nuptial agreements. We have used the principles of game
Bruce Wydick argued that, “cohabitation may be narrowly defined as an intimate sexual union between two unmarried partners who share the same living quarter for a sustained period of time’’ (2). In other words, people who want to experience what being in a relationship truly is, tend to live under one roof and be more familiar with one-another. Couples are on the right path to set a committed relationship where the discussion about marriage is considered as the next step. However, many people doubt the fact as to live or not together with their future partners. Some of them think about it as an effective way to have a chance to get to know a potential husband/spouse. Meanwhile, others completely deny the idea due to their disagreements with certain religious beliefs. Wydick suggested that, “the increase in premarital cohabitation is a product of a general movement within western society away from traditional ideas about marriage, divorce, birth control, abortion, women’s rights, and a host of other related issues” (4). Consequently, now people are more open-minded, meaning that they accept the idea of pre-cohabitation mainly as a social institution. People should live together before they get married because they have a chance to test their partnership and avoid the problems that may arise in the future.