Prenuptial Agreements
Section 90B of the Family Law Act enables parties to a marriage to enter into a binding financial agreement prior to marriage. This agreement is often referred to as a “Prenuptial Agreement” or “prenup”.
A prenuptial agreement is designed for couples who intend to marry but wish that their assets should remain in their respective names & possession.
Prenuptial Agreements
Prenuptial Agreements are now considered a practical and legally binding way of identifying what each person is bringing into the marriage or de facto relationship.
In recent years, prenuptial Agreements have increased in popularity for a number of reasons. These include:
- People marrying later with more assets,
- Increasing divorce rates,
- 2nd & 3rd marriages
- Both partners having a careers & income.
Call LAC Lawyers today, on 1300 799 888 (Sydney) or 1300 734 638 (Melbourne), to help with setting up your prenuptial agreement.
What makes a prenuptial agreement legally-binding?
In order for prenuptial agreements, to be legally-binding in Australia, the Family Law Act requires that they are signed by each person.
In addition, both parties must have received independent legal and financial advice prior to signing the prenuptial agreement.
Call LAC Lawyers on 1300 799 888 (Sydney) or 1300 734 638 (Melbourne) to ensure your Prenuptial Agreement will stand up in court.
Family Lawyers with expertise in Prenuptial Agreements
Prenuptial Agreements are a practical way of planning ahead for circumstances that many people may prefer not to think about or discuss. Our family law team have helped countless couples form easy to understand, fair & legally-binding, prenuptial agreements.
LAC Lawyers have a team of lawyers with experience in setting up prenuptial agreements. The following is a selection of our currently practicing family lawyers.
Call LAC Lawyers on 1300 799 888 (Sydney) or 1300 734 638 (Melbourne) for superior advise on prenuptial agreements and binding financial agreements.
Other Binding Financial Agreements
In addition to Prenuptial agreements, there are a number of other types of Binding Financial Agreements that include:
- Property Agreements
- Cohabitation Agreements
Call LAC Lawyers today, on 1300 799 888 (Sydney) or 1300 734 638 (Melbourne) to set up an effective binding financial agreement.
Prenuptial Agreements Articles
Family Law - Prenuptial Agreements - Are there any limits on what can be included in a financial agreement?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
All relevant financial matters should be dealt with in the financial agreement for certainty and consistency. This can include how property and financial resources (whether owned at the time of the agreement or acquired later) are to be dealt with in the event of a marriage breakdown. Financial matters and financial resources may still be the subject of an application to the court under Pt VIII of the Act if some aspect of those matters is not dealt with in the financial agreement (see s 71A FLA).
Family Law - Prenuptial Agreements - Do I have to disclose details of all my assets in the pre nuptial financial agreement?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
It’s crucial that your financial affairs are transparent with assets and liabilities declared in full. This includes assets held in trusts or by companies in which you are a shareholder. Include property held overseas.
Family Law - Prenuptial Agreements - What does a pre-nuptial financial agreement do?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
A pre nuptial agreement can provide for how financial issues are to be resolved, not only after you get married but also for some indeterminate time in the future should the marriage break down.
Family Law - Prenuptial Agreements - What is a binding prenuptial financial agreement?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
A legally binding financial agreement is a written agreement, which complies with Part VIIIA and or part VIIIAB of the Family Law Act 1975 (Cth) (FLA).
Family Law - Prenuptial Agreements - What requirements make a financial agreement legal and binding?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
There are strict requirements for ensuring that a pre-nuptial financial agreement will be binding on the parties:
Family Law - Prenuptial Agreements - What rights do you lose once you have signed this agreement?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
Unless you can convince a court to set the agreement aside - and you have to have an extremely good reason for this as we explained above - once you sign this agreement you lose your right to have the court decide on questions the agreement covers.
Family Law - Prenuptial Agreements - Why should I go to the trouble of arranging a financial agreement?
Date: March 01, 2012
Author(s): Piria Coleman B.A., LL.B. (Hons)
Society doesn’t plan your married life any more. Marriage isn’t always seen as permanent. Divorce is comparatively easy and there’s little social stigma in going through two or three marriages with children from each of them. People going into a marriage today may need to consider issues that are more complicated than before.
Family Law - Binding Financial Agreements - Pre-Nuptial Agreements - Will a court enforce a BFA that is a bad bargain for one of the parties?
Date: January 11, 2012
Author(s): Patrick Mulligan B.A., LL.B.
This case concerned a couple that entered into a biding financial agreement (BFA) after they separated. They were married for 17 years. They entered into the BFA after they separated in 2007. The relevant clauses of the agreement provided that the home was estimated at $750,000 provided that repairs were undertaken. The husband had to undertake the repairs which were estimated at around $31,000.
Family Law - Binding Financial Agreements - Spousal Maintenance Provisions - The power of courts to order spousal maintenance regardless of binding financial agreements
Date: November 29, 2011
Author(s): Patrick Mulligan B.A., LL.B.
Family Law - Binding Financial Agreements - some Frequently Asked Questions
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
A Binding Financial Agreement is a written contract between two individuals who are either married or in a de facto relationship. It contains a reached agreement between two parties in relation to their finances, division of assets and financial resources and other issues such as spousal maintenance and property settlement in the event of a marriage breakdown.
Family Law - Hidden Assets: How can the law protect you?
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
Obtaining a property settlement due to divorce can be a very complicated procedure which often causes great angst and stress amongst all parties involved. Our Family Law Solicitors understand that as a result, people are often led to hiding their assets, in order to ensure that their former partner does not receive a just and equitable amount. However, this is a breach of their statutory obligations to make a full and frank and disclosure and our Family Law Solicitors will ensure that all information are brought to the table by your former spouse.
Family Law - Property Financial Statements
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
In financial cases, parties are required to file a financial statement with their initiating application. A financial statement contains a detailed summary of an individual's financial condition. The parties must also file an amended financial statement later in the proceedings if their circumstances change.
Family Law - Property Settlement Proceedings
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
The parties to the marriage are under a legal obligation, under the Family Law Rules, to try and resolve and differences between them by way of an alternative dispute resolution (ADR). ADRs may include negotiation, family counseling, conciliation or arbitration. In the event that ADR is unsuccessful, try writing to the other party, setting out your claim and perhaps making proposals for settlement.
Family Law - Requirements of a Binding Financial Agreement (BFA)
Date: March 07, 2011
Author(s): LAC Lawyers
In 2000, the Family Law Act was amended to introduce a new type of agreement called the Binding Financial Agreement.
Family Law - Binding Financial Agreements, are they necessary?
Date: October 08, 2010
Author(s): LAC Lawyers
Binding Financial Agreements can be made either before, during or after marriage. These agreements take account of property settlement, payment of spousal maintenance, division of superannuation funds, etc when a marriage comes to and end. Both parties are required as a prerequisite to obtain independent legal advice prior to entering into a binding financial agreement in writing.
Family Law - Binding Financial Agreements Under the Family Law Act 1975 (Cth)
Date: June 15, 2010
Author(s): LAC Lawyers
If you’ve recently entered a new relationship, have been in a new relationship for a time, or are considering ending your relationship, you should consult a lawyer to learn your rights and obligations under the Family Law Act 1975 (Cth) (‘the Act’).