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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