Pre-Nuptial Agreements (referred to in the Family Law Act as Financial Agreements) are growing in popularity, particularly amongst people who have previously been through a family law separation. If you would prefer to work out the division of assets and liabilities in advance of a potential separation occurring in the future, entering into a Financial Agreement could be a good choice.
A Financial Agreement will provide clarity in the event that the relationship ends in the future. An Agreement of this nature can also be used to exclude inherited assets, family heirlooms and businesses and significant gifts from claim by the other party if the relationship or marriage breaks down.
The law allows married and de facto couples to enter into a written financial agreement that is binding on them. The Financial Agreement replaces the spouses’ property and spousal support rights under the Family Law Act.
Financial Agreements may be entered into prior to the commencement of a marriage or de facto relationship, during the course of the relationship or after separation or divorce.
You must speak to a lawyer before entering into a Financial Agreement as the Agreement needs to include a statement of independent legal advice signed by the solicitor representing you and your partner. Vic Rajah Family Lawyers will work with you to create a Financial Agreement that applies to your unique circumstances or otherwise advise you if your partner’s legal representatives have prepared the Financial Agreement.