FINANCIAL (INCLUDING PRE-NUPTIAL) AGREEMENTS
Prenuptial And Other Financial Agreements
The breakdown of a relationship can be an emotional and challenging time, even without the additional stress of how to separate your assets. Financial Agreements, (also known more colloquially as a Prenuptial Agreement or a BFA) like Consent Orders are an alternative to finalising and formalising your financial relationship without the need for expensive and protracted litigation.
A Binding Financial Agreement, ‘pre-nup’ or BFA, is an Agreement which outlines what will happen to your property, liabilities, superannuation, and financial resources if and when you and your partner separate. You can enter into this agreement before, during or after a marriage or de facto relationship.
In essence, an Agreement ousts the jurisdiction of the Federal Circuit Court and Family Court of Australia to determine the division of financial settlement matters. Instead, the division of the parties’ financial matters will be governed by the terms of the Agreement.
A Financial Agreement can be entered into at various intervals during a marriage or de facto relationship, as follows:
- Before Marriage
- During marriage but before separation
- During marriage but after separation
- After divorce
De Facto Relationship
- Before a de facto relationship commences
- During a de facto relationship
- After a de facto relationship ends