A prenuptial agreement is a binding legal document that stipulates how your financial resources, assets and liabilities will be distributed following the breakdown of a relationship. In Australia, a prenuptial agreement is referred to as a Binding Financial Agreement (BFA).
Contrary to popular belief, a prenuptial agreement does not have to be entered into prior to marriage. The Family Law Act 1975 allows for couples in Perth and Australia, to legally enter into a Binding Financial Agreement either before, during or after a marriage and by de facto couples, where there is no marriage at all.
A BFA is a versatile legal document seeking to cover a wide range of Family Law financial issues that can include the separation of any joint property, the entitlement of a party to spousal maintenance, and the quarantine of certain assets from division during a separation.
If a BFA is to be effective, each party must have obtained independent legal advice on their rights and the effects of the proposed Agreement. Once properly executed, a BFA is a binding and legally enforceable document.
The main advantage of entering into a BFA is that each party is provided with a level of certainty relating to the division of their assets and liabilities. This can mean a considerable saving in time, money and emotions in the event of a breakdown in a relationship.
If you are considering preparing or entering a BFA, contact our team of family lawyers at HHG Legal Group today on 1800 609 945. We have the experience and expertise to draft and provide you with the very best advice on Binding Financial Agreements in Perth.