Financial Agreement

A Financial Agreement, also known as ‘Prenup’ or a prenuptial agreement, provides for parties to a de facto relationship or marriage to set out the financial arrangements should their marriage or de facto relationship break down. You can make a Financial Agreement before, during or after a de facto relationship or marriage ends. Generally, they include a financial settlement after the breakdown of a de facto relationship or marriage; financial support of one party by the other after the breakdown; and any incidental issues. In order for the Financial Agreement to be effective, both parties need to sign it and receive independent legal advice.

Drawing a Financial Agreement has many advantages. Firstly, you have the power to make your own decisions. Secondly, you avoid the significant financial costs and emotional trauma from legal proceedings. Thirdly, your continuing relationship as parents, if you have children, will likely be more effective.

If you want to prepare a Financial Agreement, feel free to contact our office for a face-to-face consultation. Alternatively, you can click on one of the links below to access our online services, where you can create a Financial Agreement by yourself at a more affordable price with limited guidance.

Binding Financial Agreement Before De Facto Relationship

Binding Financial Agreement Before De Facto Relationship – Western Australia only

Binding Financial Agreement Before Marriage

Binding Financial Agreement During De Facto Relationship

Binding Financial Agreement During De Facto Relationship – Western Australia only

Binding Financial Agreement During Marriage

Binding Financial Agreement After De Facto Relationship

Binding Financial Agreement After De Facto Relationship – Western Australia only

Binding Financial Agreement After Divorce

FAQ:

Q1: What is a Binding Financial Agreement (BFA)?
A Binding Financial Agreement (BFA), sometimes known as a prenuptial agreement, is a legal contract between two parties in a marriage or de facto relationship. It sets out how some or all of their assets, property, finances, and debts will be divided in the event of a relationship breakdown. A BFA can also include arrangements for spousal maintenance, offering clarity and certainty for both parties should the relationship end.

Q2: Is a prenup legally binding in Australia?
Yes. As long as both parties have received independent legal advice and the agreement meets the requirements of the Family Law Act 1975, it is legally binding.

Q3: Do I need a lawyer to prepare a financial agreement?
While you can draft it online, a lawyer must provide independent legal advice to both parties for the agreement to be binding.

Q4: When can a financial agreement be made?
You can create a financial agreement before, during, or after a marriage or de facto relationship.

Q5: What are the risks of not having a financial agreement?
If you separate without one, your assets will be divided according to court decisions, which may not reflect your intentions.