Married or de facto couples can make agreements, while together, about what happens to their assets in the event of a break-up.
We specialise in creating clear, fair, and legally binding agreements that protect your interests and provide peace of mind. Our expertise in family law and wholistic approach to examining your situation can help you to decide if a binding financial agreement is right for you and your relationship.
Understanding pre-nuptial & binding financial agreements
Pre-nuptial agreements, known in Australia as binding financial agreements (BFAs), can be entered into before marriage, during a marriage, or after a divorce. These agreements allow couples to outline how their assets and financial resources will be distributed in the event of separation or divorce, providing a measure of security and clarity for the future. The goal of a BFA is to avoid disagreement at the time of separation which might lead to Court.
Why have a financial agreement?
Separations are hard enough, without the fear of where you’ll be left financially and if you will wind up in Court with your ex. A BFA can provide for a smooth separation experience, by avoiding the uncertainty about what might happen to your finances and property if there is a separation.
A BFA can be made before, during or after you get married, or begin cohabiting. They can take into account assets introduced to the relationship and what will happen with any property you acquire while you are together. BFAs are popular among couples embarking on a new or second relationship, where one party is introducing greater wealth to the union than the other, where one member of the couple has generational family wealth they wish to protect and by people involved in family businesses.
There are technical preconditions that must be strictly met for a BFA to be legally binding.
BFAs can cover a wide range of financial matters, including:
- division of property and financial assets
- how or if superannuation entitlements will be shared (Superannuation Agreement)
- financial support, known as spousal maintenance for either party during or after the relationship
- how household costs will be met, including if you are living in a home which is not jointly owned
- who will move out of a joint residence if a separation occurs
- care of pets.
How we can help
Creating a BFA requires careful consideration and a comprehensive understanding of both parties' financial landscape and personal situation. These agreements can not only protect assets and reduce the potential for future conflict but also ensure that both parties have a clear understanding of their financial rights and obligations within the relationship, and after it ends.
At Parker Coles Curtis, our approach to pre-nuptial and binding financial agreements includes:
- Tailored advice: providing personalised advice that reflects your unique situation and objectives. A BFA requires compulsory legal advice for it to be legally binding.
- Drafting and review: expertly drafting your agreement to ensure it is comprehensive and compliant with current Australian laws and operates the way you want it to. We also offer thorough review services if you have been presented with an agreement by your partner.
- Negotiation: assisting in negotiations to reach an agreement that is fair and equitable for both parties.
- Formalisation: ensuring that your BFA is correctly formalized and legally binding, to protect your future.
Planning for the future
Whether you are considering marriage or moving in together, or you’re already married and living together a BFA can offer peace of mind by detailing what happens if you separate. Contact Parker Coles Curtis to discuss how we can assist in securing your financial future, or avoiding unwanted conflict upon separation, with a skillfully crafted pre-nuptial or binding financial agreement.
