Leah and Zan met at their children’s daycare, fell in love and are now engaged. They have both been married before and Zan is a carer for her disabled mum. They both have good jobs, but with 4 kids between them, and Zan only able to work part-time due to her caring responsibilities, they just about get by financially. While excited about the marriage, Zan often worries about how she would manage financially if their relationship ended, particularly given her expensive previous divorce. She also wants to ensure her mother and children’s needs remain her top priority and avoid custody disputes over her children.
A prenup agreement offered a solution. For Zan, it was about setting clear expectations with Leah: outlining her commitments to her family and agreeing that both her and Leah’s children would be prioritized from their earnings and shared assets. While initially hesitant about raising the topic, Zan saw the prenup agreement as a way to bring peace of mind, ensuring that their loved ones are cared for and building a foundation of trust and mutual understanding as Leah and Zan set out on their new life together.
Commentary:
Prenup agreements can serve as an effective way to address the financial care of existing children and other dependants. They can specify that certain pre-marital assets remain excluded from marital assets and earmarked for the benefit of children or dependants in the event of divorce.
Additionally, a prenup agreement can outline provisions for the care and financial support of children in case the relationship ends. In situations where one partner has been previously married, the agreement can include clauses to clarify how pre-existing assets will be treated, aiming to reduce potential claims from a former spouse.
It is important to note that prenup agreements do not operate in isolation. Legal frameworks around child support and divorce settlements may impact the agreement’s enforceability and could override certain terms. For this reason, obtaining thorough legal advice is crucial when drafting provisions related to family commitments and financial security.