Planning a wedding can quickly become a veritable minefield.
There are so many things to consider before you exchange your vows that can cause conflict – and that’s even before you and your partner discuss things with extended family!
It’s no wonder then that eloping has become a popular option for couples who want to get married without a lot of fuss, or want to save themselves the expense of a traditional wedding.
However, before you run off and tie the knot in secret, it’s important to consider the legal and financial implications of eloping, including binding financial agreements.
What does it Mean to Elope?
Eloping is a term that typically refers to a couple getting married without the knowledge or approval of their family and friends, or without a formal wedding. It often involves a couple going to a courthouse or other private location to exchange vows, usually to either save money or avoid the stress of planning a big wedding.
There are a few legal requirements so do not run off just yet! The first step is to complete and lodge your intention to marry form. Discuss this with a registered marriage celebrant who can help you with the registration, the paperwork side of things usually takes one month.
What is a Prenup?
A prenup or Binding Financial Agreement is a legal agreement made between two people, usually before they get married. The agreement outlines how assets and debts will be divided in the event of a divorce or separation. If you are eloping, a prenup can be especially important as it can help to ensure that both parties are on the same page regarding financial matters, and it can also protect any assets, investments ad family heirlooms you may have.
Why consider getting a Prenup?
If you’re considering a prenup, there are a few things to keep in mind. Firstly, it is extremely important to be transparent about your finances. Both parties should disclose all of their assets and debts and agree on how they will be divided in the event of a divorce or separation.
It is also important to work with an experienced lawyer who can help you draft a prenup that is legally binding and enforceable. A prenup that has not been set up by a lawyer and is poorly written can be challenged or overturned in court.
Eloping may not be everyone’s idea of a great wedding, however for some it feels like a very private and romantic way to celebrate your love.
Having these difficult conversations about things like prenups may not feel like a particularly romantic way to start your life together, but it is a great way to ensure you and your partner are on the same page before you tie the knot.
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