Pre-nuptial Agreements

The Family Law Act 1975 now permits couples to enter legally binding agreements about financial arrangements in case of marriage breakdown. Known as prenuptial agreements their intent is to specify how property and financial resources will be arranged should you separate. The term 'prenuptial agreement' is an informal term for what is more accurately described as a binding financial agreement. The agreement can be entered into before during or after marriage.

Maddens Lawyers offer expert advice in this area and will be pleased to draft your binding financial agreement ("BFA") specifying matters such as:

  • The assets and financial resources each partner owns and brings to the marriage or relationship;
  • How financial settlement (including superannuation entitlements) will be arranged if the marriage or relationship breaks down;
  • Financial support (maintenance) of one spouse by the other after the marriage; 
  • How any children of the union will be supported post seperation;
  • Any other incidental issues (each agreement is tailored to your individual circumstances).

Prenuptial agreements / BFAs are only legally enforceable if each party to the agreement gets independent legal advice. Further, the agreement must be reasonable and take into account the possibility of changing circumstances (for example the birth of a child).

We strongly advise families with long-established landholdings or any person bringing significant assets to a marriage to make such an agreement. A well drafted agreement allows you to enter into the marriage with confidence in the knowledge financial standing has been defined at the outset.

Consider the agreement a form of insurance for the assets you bring to the relationship - one that you'll hopefully never need, but which has the ability to save considerable expense and emotional trauma.

 

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