Pre-nuptial Agreements

What is a Pre-nuptial Agreement?  

Apart from a Pre-nuptial Agreement (made under Section 90B of the Family Law Act) there are 3 other types of Binding Financial Agreement (BFA), namely:

1. One entered into during a Marriage but before Separation – Section 90C;
2. One entered into after Separation but before Divorce –also Section 90C; and
3. One entered into after Divorce – Section 90D.

You and your spouse are each required to be independently advised by a lawyer, each of whom must give a Certificate that independent legal advice has been provided to the client.

The Certificates of Independent Legal Advice must each certify that you/your spouse have been advised as to:

1. the effect of the agreement on your rights; and
2. the advantages and disadvantages of entering into the agreement at the time the advice is provided.
   

What needs to be done to prepare a Pre-nuptial Agreement? What is its effect?     Return to TOP

1. You and your partner are required to make full and frank disclosure in the Agreement of your respective financial positions; and what each of you is to retain or receive by way of settlement.
2. Once the Pre-nuptial Agreement has been executed and exchanged and a Certificate of Independent Legal Advice given by us on your behalf and by your spouse’s legal representative, then neither of you can make any Application to the Family Court to seek any Orders for property settlement, spouse maintenance or adjustment of superannuation interests which would result in any different settlement.
   

Why choose a Pre-nuptial Agreement?     Return to TOP

1. A Pre-nuptial Agreement can enable you to quarantine for the benefit of your children from a previous marriage, or extended family, particular assets including pre-marriage assets or future inheritances.
2. A Pre-nuptial Agreement provides you and your spouse with certainty as to what will happen in the event your marriage breaks down.
3. There is no involvement with a Court – a Pre-nuptial Agreement is strictly a private and confidential arrangement.
4. A Pre-nuptial Agreement avoids potentially costly, stressful and lengthy litigation;

Contact Paul & Paul Lawyers directly for further information as to how we can help you with your Pre-nuptial Agreement.

Complete the particulars and forward to us for review and advice. A small fee will apply.

It is often a good idea to also enter into a Family Provision Act Deed of Release in which you and your former partner/spouse both release/waive your respective rights to seek provision out of the other’s estate upon the death of either of you.