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Prenups and Financial Agreements

Prenups and Financial Agreements

Thursday 6th of June 2013

Thank you so much for your support over the past few months. 

In an increasingly litigious society and with second marriages increasingly common many couples seek to avoid the expense and inconvenience of protracted litigation by entering into so called “pre-nuptial agreements”. 

The Family Law Act makes provision for parties to enter into Financial Agreements to define the way in which their financial relationship will be determined at the end of their marriage or relationship. Commonly such agreements are entered into prior to the commencement of marriage or a de facto relationship with the intention of quarantining assets which one or both parties own prior to the commencement of the marriage or relationship. These agreements can also be made during the course of or after the breakdown of a marriage or relationship.

In deciding to enter a Financial Agreement, parties are effectively giving away their right to have their property settlement determined by the Court and for this reason the Family Law Act imposes very strict conditions which must be met in order for these agreements to be binding and enforceable. One of the key requirements is that both parties to the agreement must have independent advice from a lawyer.

Despite what many people may think, an agreement made between parties that does not meet the legislative requirements will simply not be worth the paper it’s written on.

If you are considering entering into a binding financial agreement it is essential that you obtain legal advice and we would be more than happy to assist you. Sometimes it is helpful just to talk to someone with experience in the area to formulate in your own mind what it is you are really trying to achieve in the process.

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