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What are Binding Financial Agreements/Prenuptial Agreements?

  • September 11, 2023

Home " Legal Blog " Family Law " What are Binding Financial Agreements/Prenuptial Agreements?

Prenuptial agreements (prenups) are called Binding Financial Agreements in Australian Family Law. They are legal documents which detail the property division, financial support (spousal maintenance) and other incidental arrangements if a relationship ends. They are legal documents which detail the property division, financial support (spousal maintenance) and other incidental arrangements if a relationship ends. Both married couples and people in de facto relationships can enter into binding financial agreements. In addition, financial agreements can be entered into before, during or after a relationship. Financial agreements allow parties to contract out of future liability for spousal maintenance and there is no 'just and equitable' consideration in drafting financial agreements. Financial agreements allow parties to contract out of future liability for spousal maintenance and there is no 'just and equitable consideration' in drafting financial agreements. However, you cannot document parenting arrangements in a financial agreement. There are strict requirements for a Financial Agreement to be binding and enforceable. If you have any questions about how prenups and financial agreements work, feel free to call our team on 03 9602 3988.

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