You may have heard of so called ‘Pre-Nups’? We have them available in Australia, called Financial Agreements or ‘BFAs’. These agreements can be made in accordance with Part VIIIA or Part VIIIAB of the Family Law Act 1975 (Cth).

Financial Agreements  record an agreed distribution of property and assets between spouses if separation ever occurs in the future.  They can be entered into by couples who are intending to marry or commence a de facto relationship together, or who have already married or commenced a de facto relationship.

Binding Financial Agreements

There are a number of advantages to be gained by putting a binding Financial Agreement in place. Principally, they provide certainty for the parties, by recording their agreed outcome about their joint and separate property – this allows couples to retain  control over their financial future, without them having to go to court.

Financial Agreements are often seen where one or both parties have been through relationship breakdown previously and are bringing capital from that prior relationship to the new relationship, which they wish to see protected, or treated in a specified way; where one party has significantly more property than the other and for which they wish to provide a clear outcome (such as a ‘quarantine’ from claim), such as a family business, or an inherited property; where one party is exposed to debt, and wishes to insulate their new partner from that responsibility; and where one party is a stakeholder in a significant business, and other stakeholders wish to ensure that the business does not become embroiled in proceedings associated with later relationship breakdown through specification, in advance of separation, of an agreed division.

Financial Agreements are usually tailored to meet the circumstances of the particular couple, and their objectives, and must meet strict requirements to be binding.  This makes them a technical document, and one that can only be entered into after receiving advice from an independent solicitor.

Your Specialist Family Law Firm in Brisbane

As experienced family lawyers in Brisbane, we can provide you with advice at any stage of the Financial Agreement process – whether you are contemplating having an Agreement prepared; your spouse has given you one to consider; or you have entered an agreement and have now separated, such that your Agreement needs interpretation and implementation.

Contact BGM to arrange an appointment with one of our accredited family law specialists and experienced family lawyers, who can provide legal advice on all Financial Agreement matters.

To speak with one of our experienced family lawyers, please contact our Brisbane City Law Office today. Contact us today on 1300 246 529 or send us an online enquiry.

Financial Agreements FAQ

It is possible to have a Financial Agreement in which you can ‘quarantine’ all of your wealth, but without having to disclose that wealth?

For a spouse to be held to a Financial Agreement after separation, it will need to be clear that they were able to make a fully-informed decision about that Agreement. For them to have this understanding, it will need to be clear that they were put in a position where they were possessed of information about the subject of the Agreement. If the effect of the Agreement is to see Spouse A retain their pre-relationship wealth intact, then the nature, extent and value of that wealth is likely to be found to need to have been revealed to Spouse B at the time of entry of the Agreement, such that Spouse B was aware of that to which they were committing. For a Financial Agreement not to be accompanied by full and frank disclosure is to give rise to the potential that it will be set aside, and found not to bind Spouse B.

We Can Help

The sky is the limit in the outcomes which can be built into Financial Agreements , and they can be tailored to the requirements of individual couples.

For expert legal advice from Brisbane Family Lawyers, contact us today on 1300 246 529 or send us an online enquiry.

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