Did you know that in NSW a person’s will is automatically revoked upon their marriage (unless there is an express provision in their will made in contemplation of marriage)?
A timely article by John Collett and Caitlin Fitzsimmons on the SMH website takes you through what same sex couples need to consider before getting hitched:
An excerpt, quoting our Principal Michael Tiyce:
Michael Tiyce, a lawyer and principal of Tiyce & Lawyers, says wills should be reviewed about every five years – earlier if there is a major change in family or financial circumstances.
Binding financial agreements, also known as prenuptial agreements, are more watertight than they used to be due to court decisions and prenups’ increasing popularity, Tiyce says.
Prenups can be drawn up during the course of a relationship, not just at the start.
Under the law, if a couple lives together for just two years their financial assets can be divided the same way as if they had been married for decades.
Tiyce says binding financial agreements appeal to those who are in their second or third marriage, especially where they are bringing assets into the marriage.