Pre-Nuptial Agreements or Binding Financial Agreements
At Argent Law, we often have clients asking for our assistance with drafting prenuptial agreements.
Prenuptial agreements – or “Binding Financial Agreements” as they are known in Australia, are governed by the
Family Law Act 1975 and can be entered into at the following times:
before a marriage or the commencement of a de facto relationship;
during a marriage or de facto relationship; and
after the end of the marriage or de facto relationship
When entering into such an arrangement, the usual intention of the parties is either to explicitly protect their assets in the event of any future relationship breakdown or alternatively, to promote harmony in the relationship by agreeing – how they will divide their assets and liabilities in the event of a relationship breakdown.
Binding Financial Agreements are also useful for the following situations:
Where spouses or partners have different attitudes toward the accumulation of assets and liabilities, and want to minimise any potential disputes over money.
If a party has received a windfall such as an inheritance or lottery win.After a relationship ends and couples are agreeable to how their assets and liabilities are to be divided and do not believe Court Orders are necessary or appropriate for them.
Further, the law in Australia requires that Binding Financial Agreements meet certain requirements as to the form and the content of the Agreement. That is why it is in the best interests of any person contemplating entering into a Binding Financial Agreement that they get legal advice and representation before proceeding.
At Argent Law, we are very experienced in negotiating and drafting Binding Financial Agreements. With our experience and expertise, we can help you to consider your current and future financial needs, and what your particular Binding Financial Agreement should entail.
We provide verbal and written advice as to the advantages and disadvantages of Binding Financial Agreements generally, as well as the advantages and disadvantages of the specific Binding Financial Agreement you would like to enter into. We advocate on your behalf to ensure that your Binding Financial Agreement is one that you truly feel confident and happy with.
After providing such service, we are happy to sign the Declaration of Independent Legal Advice for clients, which is a necessary component of all legally valid Binding Financial Agreements.
If you are considering entering into a Binding Financial Agreement or would like more information, call Argent Law today on 03 9571 744 to have a confidential discussion with either Stephanie Hope (Senior Associate) or Melissa Patterson (Director) regarding how a Binding Financial Agreement can help you.