Binding Financial Agreement – Under Section 90UB of the Family Law Act 1975 (Cth)
A binding financial agreement, also known as a ‘prenuptial agreement’, pursuant to section 90UB of the Family Law Act 1975 (Cth) is an agreement by two parties contemplating entering into a de facto relationship; and providing how, in the event of the breakdown of the de facto relationship, the property of both of parties is to be dealt with. A well-drafted financial agreement, will cover issues of financial settlement, financial support and any incidental issues arising after the breakdown of a de facto relationship.
It is important to note, that drafting a financial agreement is complex and the couple needs to be clear about what they want in agreement. Therefore, to be legally binding, the financial agreement needs to be signed after both parties have received independent legal and financial advice before signing.
If you are thinking about living with your partner in a domestic relationship, this agreement is the fastest and simplest way to protect yourself from a claim against your assets in the event of separation. This full-featured solution is adaptable to suit your unique circumstances and needs.