Sunday, 24 November 2013

Do I need a prenuptial agreement?

Prenuptial agreements are often mentioned when high profile couples marry or separate.

Prenuptial agreements are fairly new to Australia. They are a type of Binding Financial Agreement (BFA), which came into existence in 2010 when the Family Law Act 1975 was amended to allow parties to enter into private agreements about their property matters.

You should consider entering into a BFA with your partner if:

·         If there is a significant disparity in wealth between you and your partner.

·         If one party is expecting a large inheritance and the other one is not.

Parties can enter into a BFA in contemplation of marriage or entering into a de facto relationship, during a marriage or de facto relationship or even after separation.

In order for a BFA to be binding, both parties to the Agreement must receive independent legal advice. This means that they must each have their own lawyer. Given the complexities involved in drafting and advising on BFAs, it is essential that you consult a lawyer who specialises in Family and Relationships Law.

At Nevett Ford, we have two Accredited Specialists in Family Law, Annmarie Farrell and Elizabeth Hall.

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