The power of preparation in your relationship
Prenups and Financial Agreements explained
Prenups, known in Australia as Binding Financial Agreements (BFAs), and other Financial Agreements provide couples with the reassurance of knowing how their assets will be divided in the event of separation. These agreements are particularly valuable when protecting assets for children from previous relationships or preserving existing wealth.
However, it’s important to note that Prenuptial and other Financial Agreements will only be legally binding if certain strict requirements are met. The laws governing these agreements can be complex. As experts in the field, we excel at meticulously drafting and providing advice on Financial Agreements to ensure they adhere to the necessary legal standards and remain enforceable for years to come.
We understand that negotiating Prenuptial Agreements requires sensitivity. We approach this process with care, respecting our clients’ ongoing relationship with their partner.
Who needs a Binding Financial Agreement?
- Couples planning to marry or enter into a de facto relationship
- Individuals with significant assets, inheritances, or family businesses
- Those seeking to protect their pre-existing assets or wealth
- Individuals who have been through a divorce and want to safeguard their financial interests in subsequent relationships
- Couples who wish to establish clear financial arrangements, reducing uncertainty and potential conflicts in the future
Seeking legal advice from our expert family lawyers early on will ensure your best interests are protected
At Orbell Family Lawyers, we understand the importance of safeguarding your financial interests through Binding Financial Agreements (BFAs). Our experienced team can guide you through the process, ensuring that your BFA is properly prepared, meets the legal requirements, and effectively protects your assets and financial future. We offer expert advice and support, addressing your unique circumstances and tailoring the agreement to your specific needs. With our comprehensive understanding of family law in Australia, you can trust us to navigate the complexities of BFAs and provide the guidance you need for peace of mind.
By consulting Orbell Family Lawyers, you can benefit from our expertise in Binding Financial Agreements and ensure that your financial interests are protected, giving you the confidence to move forward with a solid foundation for your future.
Questions about?
Questions about Pre-Nuptial and Financial Agreements?
A Binding Financial Agreement, also known as a BFA or a prenuptial agreement, is a legally binding document that allows couples to make financial arrangements before, during, or after a marriage or de facto relationship. It sets out how assets, liabilities, and financial resources would be divided in the event of separation or divorce.
Yes, BFAs are legally enforceable in Australia if they meet specific requirements outlined in the Family Law Act 1975. It is crucial to ensure that the agreement is properly drafted, signed voluntarily, and each party has received independent legal advice.
No, a BFA can address various financial matters, including property division, spousal maintenance, superannuation, and any other financial issues relevant to the couple’s circumstances. The agreement can be tailored to meet specific needs and concerns.
In Australia, a Binding Financial Agreement is the equivalent of a prenuptial agreement commonly used in the United States. The terms “prenuptial agreement” and “pre-nup” are often used interchangeably with the Australian term “Binding Financial Agreement” or “BFA.”
Under certain circumstances, a Binding Financial Agreement can be set aside or varied. These circumstances include fraud, unconscionable conduct, undue influence, or if the agreement is no longer practical to uphold due to a significant change in circumstances. Seeking legal advice is essential to understand the options available in such situations.
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