Pre Nuptial Agreements

‘Prenuptial Agreement’ is the colloquial term for a type of Binding Financial Agreement that is entered into between couples who are either anticipating living together, are currently living together, and/or are anticipating getting married.

Couples can even enter into a Prenuptial Binding Financial Agreement after they are married.

Prenuptial Binding Financial Agreements set out how the assets and liabilities of the parties will be divided in the event that they separate at some time in the future.

In the event of a separation, the terms of the Binding Financial Agreement constitute the parties’ family law property settlement, and neither party can take the other to the Family Court seeking anything further.

Nobody ever knows what the future holds.  This is particularly true in relationships.

Whilst Prenuptial Binding Financial Agreements are certainly not compulsory and are not suitable for all people and situations, they do enable spouses the ability to protect their assets in the event of a future separation.

This is particularly useful for all people and situations, they enable spouses the ability to protect their assets in the event of a future separation.

This is particularly useful in circumstances where one or both spouses may have accrued their own assets prior to the relationship commencing and/or in second relationships where parties wish to ensure that the children from their first marriage have their inheritance protected from a family law claim.

The Family Law Act deals with de facto relationships in much the same way as marriages.

De facto couples can enter into a form of ‘Prenuptial’ Binding Financial Agreement known as a ‘Cohabitation Agreement’.

If the Binding Financial Agreement is properly drafted and executed, and each party has received the necessary independent legal advice, then it should be capable of protecting any form of investment from a family law claim from a separated spouse.

However, difficulties can arise when spouses deal with spouses deal with their assets during the relationship in a manner outside the anticipated method outlined in the Agreement.

It is therefore very important that both parties understand the nature and operation of the agreement at all times during the relationship.

Prenuptial Binding Financial Agreements can deal with a wide variety of financial matters and types of assets and liabilities.

Certain provisions can be included in the agreements to protect businesses from claims by your partner, in the event that you separate.

No. Binding Financial Agreements can only deal with financial matters.

The issue of the time that children spend and communicate with each parent following separation can only be dealt with by way of negotiation between the parties (including mediation), and if that is not successful then Family Court proceedings can be issued to resolve parenting disputes.