Financial Separation Agreements
Avoid Going To Court!
A prenup ensures that you have no future financial disputes. We provide stressfree solutions to ensure that you are properly protected.
Post nups can be financial separation agreements post a relationship breakdown. Or you can plan for that eventuality with a pre-nup. These are all known as “BFA’s” (Binding Financial Agreements).
Having a prenuptial agreement (prenup) doesn’t mean that you expect your marriage or relationship to fail nor does it suggest that you don’t trust your partner in relation to your finances. Prenups, postnups and other nups just mean you agree and keep everything out of expensive Family Court proceedings!
Prenup/BFA Review From $1490+ GST
The cost of a financial agreement will vary depending on the time required for lawyers to draft the pre-nup, advise their respective clients in relation to the BFA and duly execute the BFA. The cost of obtaining a BFA will be relatively low provided all parties agree to reasonable terms.
In the recent case of Graham & Squibb  the Full Court of the Family Court upheld a pre-nuptial agreement at the considerable emotional and financial cost of the parties’ because there were errors in the drafting of the agreement that called the pre-nup’s validity into question.
It is very important that you use senior lawyer who are experienced in this area of the law for advice.
Our Senior Family Lawyers
Jaswinder has a fresh revitalizing approach to law which has led to outstanding results. Admitted to practice as a solicitor/barrister in four countries, with over 30 years’ experience in wealth, finance, tax, trusts, funds, and structures. Jas equally enjoys strategic work for clients in disputes, emerging, criminal or family law.
As the practice director, Jennifer is a consummate professional and simply an outstanding lawyer. She has a great eye for relevant detail and yet also a wonderful sense of perspective in devising and implementing legal strategies.
All - Binding Financial Agreement (``BFA``)
A prenuptial, a premarital agreement, prenup, prenupt or postnup is a contract recognized in Australia by the Family Law Act 1975 that you and your partner enter into.
Whether it is a marriage or a de facto relationship, binding financial agreements can be made before, during or after the relationship.
How Much To Draft?
To draft and certify a BFA (more work than to review) will typically be around $2000 plus GST. The final cost will depend on the number of amendments that are made with the your partner’s lawyer. If it is a simple BFA and pre-agreed in principle, the costs are typically within the range of the estimates above. Go to our fixed fee offers page for more detailed information or contact us.
Prenuptial agreements refer to the legally binding financial agreement reached between two parties prior to marriage or defacto relationship.
Postnuptial agreements refer to the legally binding financial agreement reached between two parties during the marriage or defacto relationship.
They will stipulate how in the event of a separation, all or any of the property of the parties is to be distributed. They will also cover financial resources and spousal maintenance.
When To Consider A Pre-Nup
Are you getting married in the not too distant future? 1 in every 3 marriages end in divorce.
Its an act of kindness and love that you plan for the worst. You only activate the pre nup if you do break up and it minimises emotional and legal costs in the future.
Pre-nuptial agreements are the most common, as the name suggests, this document is drawn up before a couple is married. This document takes into account the couple’s individual assets and incomes. It then gives guidance on how to divide the assets in case of a divorce. It also takes into account any potential or future increases in one party’s assets or income. This is especially helpful for protecting a spouse’s retirement income.
Pre-nups are essential for people with children from previous marriages. In the event of the death of that parent, their children could be left with nothing if all the assets go to the spouse.
De Facto's Can Get A Pre-nup Agreement?
The same circumstances that arise in a marriage can occur in a de facto relationship as well. As a result, since 2009, the same laws apply to de facto relationships. This means that a couple in a de facto relationship can get a prenup or postnup.
Child Support & Other Factors
When entering a binding financial agreement, it is important to consider all future possibilities. This includes children. Even if you are not sure whether you and your partner want children, it is important to include details regarding child support and maintenance.
If you do have children in the future, and this wasn’t mentioned in the prenuptial agreement, then any understanding is not legally binding.
Under Section 90A of The family law act (1975), prenuptial agreements can only provide for child support if the child has been born and can be named. The exact amount of maintenance will need to be included in the agreement.
Keep in mind that the terms of the prenuptial marriage contract can be overridden by the Court if it is deemed to not be in the best interest of the child.
Wills Contemplating Marriage/De-Facto?
Lastly, there are other matters that need consideration before marriage.
A will that is made before marriage is usually revoked when the marriage occurs, unless the Will is made in contemplation of marriage.
It is also important to look at the way in which an asset is legally owned so as to meet all your needs after death such as testamentary and inter vivos trusts, gifts and binding death nominations of certain insurances and funds.
Prenuptial Checklist - What it Can Cover!
You don’t want the division of your property and assets decided by the courts
You want to avoid the emotional turmoil of a divorce
You want to keep pre-marital assets separate
A safeguard and financial protection for both parties
The other party has debt that you are concerned by
One party owns a business
One party is from a wealthy family and wants to protect a potential inheritance
Parties who already have children from a previous relationship
Superannuation & pension entitlements
All future aspects such as children and future asset purchases
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