Binding Financial Agreement
In Australia, The Family Law Act allows couples (married or de facto) to enter into a binding agreement which sets out how their property is to be divided in the event the marriage or de facto relationship comes to an end. These Agreements can be made before cohabitation commences, during the relationship/marriage or after separation.
In order for a Financial Agreement (or “pre-nup” to use American terminology) to be binding, it is necessary for the specific requirements set out in the Family Law Act to be met. It is also important that any Financial Agreement (pre-nup) entered into before or after the commencement of the marriage or de facto relationship is drafted carefully. It is important that any agreement takes into account possible future events, such as the birth of children, to minimise the risk that a party to the Agreement will later apply to the Family Law Courts to set it aside.
We can help you decide whether a Financial Agreement (pre-nup) is right for you taking into account your unique circumstances; negotiate the terms of any Agreement; draft the Agreement and advise in relation to any Agreement prepared (whether by us or your partner’s lawyer).