Pre-Nuptial and Binding Financial Agreements

Recent changes to the Family Law Act mean that Australian couples can enter into a financial agreement (similar to a contract) that will determine how their property will be divided if they separate or divorce.

Where a couple enter into a financial agreement prior to marrying this is colloquially known as a pre-nuptial agreement. De facto partners in Queensland are also permitted to enter into financial agreements before they move in together or during their relationship to protect their assets if they separate in the future.

You may want to consider entering into a financial agreement if you have accumulated significant wealth prior to the relationship that you would like to protect.

Financial agreements can also be a good idea if you believe you may receive an inheritance from a parent or grandparent that you would like to ensure remains your property if you separate from your partner in the future.

Interestingly, some people decide to enter into a financial agreement after they have separated as unlike consent orders there is no requirement that a financial agreement be just and equitable. A correctly drafted financial agreement can also preclude a party from bringing an action at a later date for spousal maintenance.

There are strict requirements that a financial agreement conform to the Family Law Act in order for it to bind the parties and for the agreement to be enforceable. Both parties to the agreement are required under the Family Law Act to obtain independent legal advice from a solicitor prior to signing the agreement.

The team at Certus Family Lawyers are able to draft a financial agreement to suit your specific requirements that conforms with the Family Law Act.

If you would like to receive an advice as to how a financial agreement may quarantine your assets in the future, please contact out team on 07 3106 3016.

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