Many Western Australian couples who ended their union due to irretrievable breakdown of marriage were grateful for the legal advice given by the Burra Robinson Family Lawyers.
Apparently, prior to getting married, the thankful couples sought the firm’s guidance in drawing up a legally binding prenuptial agreement that they could implement should they decide to get a divorce. Divorce proceedings as we all know it, include marital asset distribution.
The prenuptial agreement made it possible for the separating couples to keep their individual pre-marriage investments intact. The prenup not only protected the asset of each individual concerned but also gave clarity on what to consider as marital assets, subject to fair and equitable distribution.
Important Aspects About Prenuptial Agreements in Australia
First off, a prenuptial in Australia is similar to the prenups in other countries, but is more commonly known in the country as a Binding Financial Agreement (BFA). A BFA is a legally binding document that clearly states what the concerned couple acknowledges as marital assets. The agreement also states specifically how the marital assets will be divided between them in the event that their marital or de facto relationship fails and falls into a state of irretrievable breakdown.
In Western Australia (WA), the Family Law Act of 1975 and of 1997 amended the earlier existing Family Laws of the country by simplifying divorce proceedings as a no-fault relationship breakdown leading to divorce. Yet the Family Law Act of 1975 requires couples, including those in a de facto relationship, who are contemplating on dissolving their marriage, to first live apart for 12 months, before making a final decision to file for a divorce.
If the 12-month separation still leads to a divorce, then the prenuptial agreement will serve as guidelines in the distribution of the marital or conjugal assets.
Actually, a BFA is recommended to Australian couples in general, and not only among the rich Australian couples. Primarily because its goals are aligned with the Family Law Act 1975 and 1997, which aims to facilitate divorce proceedings in less time and at fewer costs.
More importantly, there are benefits to having a BFA. The BFA can be executed before, during or after the commencement of a marriage or a divorce proceeding as many eventually understood there are benefits to having a BFA in place:
Benefits of a BFA in Divorce Proceedings
Maintaining Privacy Over Sensitive Financial Matters – The preparation, deliberation, execution of a BFA can be completed privately to involve only the marrying or divorcing couples and their respective lawyers. This stands in contrast to entering a financial settlement agreement in the Family Court where nearly everyone who will stand as witnesses to both parties will hear and have knowledge about sensitive financial matters largely considered as private.
Avoidance of Prolonged and Costly Court Proceedings– Even if post-separation of marital properties takes place once divorce proceedings are underway in the Family Court, the existence of a BFA will make asset division and distribution much easier to accomplish. Personal assets of each individual are protected while prior agreement regarding division of conjugal assets will simply prevail.
Tax Benefits of BFA Ordered by an Australian Family Court – When the financial agreements contained in a DFA are ordered by an Australian Family Court , the separating couple will be entitled to receive stamp duty concessions. Additionally, it is also possible to just roll over the Capital Gains Tax should the settlement arise from a court order. However, the tax benefits do not apply to prenuptial agreements or BFAs that were privately discussed and executed outside of an Australian Family Court
One of the important aspects of managing one’s finances is that of protecting assets with insurance coverage against potential loss or damages. The most straightforward example of such an asset is a motor vehicle, whether for personal or business use. In fact, motor vehicle insurance coverage is generally mandatory in the U.S. states have passed related legislations.
Yet different state governments vary in the type of insurance required from vehicle owners, which may include policies that cover any or combinations of the following:
Bodily Injury Liability – This is generally required by all U.S. jurisdictions to cover medical costs arising from injuries or death as result of an accident caused by the owner of the insured car.
Property Damage Liability – Also generally required by state laws, which pertains to payment of repair costs of an asset or property damaged by accident of the driver of the at fault insured car.
Liability for Uninsured Motorist Bodily Injury Only 20 state governments and Washington D.C., require this kind of insurance. The policy will ensure that if an uninsured driver figures in a car accident caused by an insured car owner, the injured person is adequately provided with funds to pay for medical costs.
Coverage for Uninsured Motorist Property Damage – This coverage is required in Washington D.C. and in seven other states, to cover repair costs that a car owner incurs as results of a vehicular accident in which the driver-at-fault is uninsured.
Collision Coverage – This type of insurance is often optional but required by the financing or leasing institution that facilitated ownership or use of the motor vehicle. The purpose of which is to cover costs of repairs in case the insured vehicle crashed with another or accidentally hits a utility pole, barrier or tree.
A car owner is considered compliant if he has the required car insurance while driving within his home state. However, if in case he has to drive his car through a state that requires additional motor vehicle liability coverage, the car owner may be constrained to ask his insurance provider for an emergency insurance coverage. Otherwise, if he gets checked or figures in an accident, he could be fined for the lack of it.
That is why in most cases, especially for businesses that utilize vehicles for making interstate deliveries, a full coverage motor vehicle insurance is usually the most recommended type of insurance to maintain.
What is a Full Motor Vehicle Insurance
Full coverage auto insurance is deemed as the means you have coverage not just for a car owner’s vehicle but for the vehicle that figured in an accident or collision. This type of policy combines both comprehensive and collision insurance collision coverage.
A full coverage denotes that if after the related investigation of car collision establishes that the driver with full coverage car insurance is at fault, the policy pay out will include coverage for injury liability and property damage of the other vehicle owner.
Naturally, a full coverage auto insurance is more expensive but has been proven by many vehicle owners as the best type of insurance to take out if the vehicle is utilized for extensive purposes and frequent use. Not only does it lessen the complication of having to obtain an emergency insurance policy. It also provides the peace of mind of having adequate protection against liabilities and damages when driving on any road under any kind of weather, location or unexpected situation.
When looking for cheap car insurance quotes for full coverage insurance, the best way to go about it is to know both the National Average Costs of Monthly and Yearly State Minimum Car Insurance and Full Coverage Car Insurance . Mainly because the figures will help you determine which car insurance provider near you is quoting the best car insurance rate for a full coverage.
Warner Music Group (WMG) announced plans of going public by launching its Initial Public Offering (IPO) on June 01, yet share price is still under speculations.
Financial observers are saying that for the past 15 years, the music industry has become a hot item again that a lot of speculations about WMG’s offering has been going on. It helps that the growing interest in music companies is being fueled by the growth of the music streaming business. Apparently, it is going to be a wait and see event, as the notice filed with the U.S. SEC, left key information blank, particularly the number of IPO shares that will be offered and the price per share.
Tracking Developments Related to WMG’s IPO Announcement
The word going around is that the sale from the stock offering will go to current holders of Class A shares, which are the common stock shareholders with voting privileges. How many shares will be sold and for how much, are still being speculated. That is until WMG’s underwriters Credit Suisse, Goldman Sachs and Morgan Stanley come out with a valuation.
Here’s the thing, China’s Internet giant, Tencent Holdings Ltd. (TCEHY) is reportedly in active discussions to close an investment deal with WMG to the tune of $200 million. Moreover, the soon-to-be publicly traded company is said to be in discussions with a line up of potential investors. The pre-IPO discussions are expected to contribute over $1 billion in fresh funds, nearly meeting WMG’s goal of raising as much as $1.8 billion from the forthcoming public trade.
Although Warner Music’s IPO launch takes effect on June 01, 2020, official trading of the shares will commence in June 03. Following the developments that transpired before the June 01 launch, there are speculations that the IPO is set to boost Warner Music Group’s value from $11.7 billion to $13.3 billion.
Stock Futures Derivative Could Follow in Anticipation of WMG’s Value per Share
Since key developments have been taking place, they have also spurred heavy speculations on WMG’s share price. Many will also consider diversifying by investing on related stock futures options.
Yet in doing so, it is important to connect with an online broker that can provide the best trading platform. There is fierce competition among brokers for options trading, and although many will be mentioned, the broker with the options trading platform that we highly recommend is IQ Option Ltd. This broker though has operations outside of the U.S., as its headquarters is based in Cyprus; under licensing and regulatory supervision of the Cyprus Securities Exchange Commission.
IQ Option’s experienced clients highly recommend the broker’s intuitive trading platform, giving the software a rating 10/10. It is regarded as one of the best around, even for beginners. Newbies can have free access to the practice trading platform at https://ipoption.com/ and practice all they want until they get to learn how to analyze and strategize when trading with derivatives.
Moreover, a practice IQ Option account and demo platform can be converted for real money trading by simply depositing real money even with a minimum of $10.
Apparently, prior to getting married, the thankful couples sought the firm’s guidance in drawing up a legally binding prenuptial agreement that they could implement should they decide to get a divorce. Divorce proceedings as we all know it, include marital asset distribution.
First off, a prenuptial in Australia is similar to the prenups in other countries, but is more commonly known in the country as a Binding Financial Agreement (BFA). A BFA is a legally binding document that clearly states what the concerned couple acknowledges as marital assets. The agreement also states specifically how the marital assets will be divided between them in the event that their marital or de facto relationship fails and falls into a state of irretrievable breakdown.