Prenup Lawyers Brisbane

In Australia, property settlements are usually handled by the Federal and Family Court after a marriage or de facto relationship ends. Having a prenuptial binding financial agreement before a relationship breakdown can help you reduce stress and save money if you experience a relationship ending. It allows both parties clear guidelines to work with during an already difficult time.

For New Couples

BFAs set clear financial expectations and responsibilities from the start, helping to build trust and reduce future conflicts. They provide a structured plan for asset division, supporting a fair and amicable financial relationship as the couple progresses.

For Second Marriages

Binding Financial Agreements (BFAs) clarify financial arrangements, protect individual assets, and ensure inheritance rights for children from previous marriages. They minimise potential conflicts and legal disputes, fostering smoother financial integration in the new marriage.

For People With A High Net Worth or Large Asset Pools

BFAs protect significant assets by defining ownership and division terms. They prevent disputes over wealth distribution, safeguard investments, and ensure financial security, offering peace of mind and stability for individuals with substantial financial portfolios.

A prenuptial agreement must meet certain criteria to be legally enforceable under the Family Law Act 1975 – Sect 90B:

• Written and Signed: Both parties must sign the agreement in writing.

• Independent Legal Advice: Each party must receive independent legal advice and have a written record of it.

• Fairness: The document must be fair, with both parties understanding its advantages and disadvantages.

• Copies for Both Parties: Both parties should retain a copy of the agreement.

Be aware that circumstances can change, and what seems fair now might not feel the same later. The only way to dissolve the agreement is through a termination agreement. Costs to change or terminate the agreement should also be considered. For a prenuptial agreement to stand up in court and avoid being overturned, it is crucial to get independent legal advice.

A prenuptial agreement can cover:

• Child support

• Spousal maintenance

• Division of property and assets

• Debt responsibilities

• Inheritance rights

• Future financial planning

It helps remove costs and legal processes if the relationship breaks down. By having one, couples agree to manage their separation outside the Federal Circuit and Family Court.

Unlike a prenup or prenuptial agreement, a postnuptial agreement is a legal document made after a relationship has started or finished. All Binding Financial Agreements deal with what happens with your assets and liabilities, but they are given different names depending on when they are entered into. A family lawyer can draft BFA’s:

• Before marriage (commonly referred to as a prenup);

• During marriage but before separation,

• During marriage but after separation or

• After divorce.

Under the Family Law Act, a financial agreement divides assets and liabilities. It can be entered into at various stages:

Before Marriage (Prenup): Outlines the division of assets and financial responsibilities before the marriage.

During Marriage but Before Separation: Adjusts financial arrangements while still married.

During Marriage but After Separation: Addresses financial matters post-separation but before divorce.

After Divorce: Finalises division of assets after divorce.

It’s essentially a Financial Agreement that allows you and your partner, or ex-partner, to agree to divide your property in a way that meets your needs.

A termination agreement must be signed by both parties to terminate a financial agreement. This ensures that the original contract is no longer legally binding and provides a clear path for creating a new agreement if needed.

Family lawyers are crucial in drafting and reviewing prenuptial and financial agreements. Their expertise ensures that the agreements are legally sound, fair, and tailored to the client’s needs. Family lawyers provide independent legal advice, helping clients understand the implications of the agreements and ensuring that their rights are protected.

You can renegotiate and amend your prenuptial agreement if your circumstances change dramatically. This requires a new agreement, signed by both parties with independent legal advice, to ensure it remains fair and legally enforceable under the Family Law Act.

Obtaining independent legal advice is crucial when entering into a prenuptial agreement. An agreement won’t be fully valid without both parties receiving legal advice and having written confirmation. This is so both parties understand the terms and implications of the agreement. Independent legal advice helps prevent future disputes and guarantees that both parties make informed decisions. Each party should seek advice from separate family lawyers to avoid conflicts of interest and protect their individual rights and interests.

The cost of a prenuptial agreement can vary depending on its complexity and the lawyers’ hourly rates. On average, the price ranges from $2,000 to $5,000.

It is advisable to seek quotes from different family lawyers for an accurate estimate. It’s also important to remember that additional costs will be incurred if the agreement requires changes or a termination agreement is required.

Prenuptial agreements can be worth the investment, especially for individuals with significant assets or those entering a second marriage. They provide peace of mind, protect assets, and reduce the potential for costly legal disputes in the future.

Prenuptial agreements are legally binding in Australia if they meet the requirements outlined in the Family Law Act. The Federal Circuit and Family Court of Australia will generally uphold these agreements unless the correct process has been negated or there is evidence of duress, undue influence, or unfairness.

The Family Law Act 1975—Sect 90B provides the legal framework for financial agreements before marriage. It specifies that such contracts must be in writing, signed by both parties and include independent legal advice. The agreement can cover property division, financial resources, and spousal maintenance.

1. Written Agreement: The financial agreement must be documented in writing.

2. Independent Legal Advice: Both parties must receive legal advice from separate lawyers.

3. Division of Assets: The agreement can outline how assets and financial resources will be divided.

4. Spousal Maintenance: Provisions for spousal maintenance during and after the marriage can be included.

Prenuptial and financial agreements are essential for managing financial matters and protecting assets in a relationship. They provide clarity, reduce stress, and preserve the interests of both parties. Independent legal advice is crucial to ensure these agreements are fair, legally binding, and tailored to the couple’s needs. Family lawyers in Brisbane offer professional services to ass st clients in drafting and reviewing these agreements, ensuring a smooth and positive experience. By investing in a prenuptial or financial agreement, couples can plan for their financial future, protect their assets, and minimise legal disputes.

Financial agreements before marriage

 (1)  If:

 (a)  people who are contemplating entering into a marriage with each other make a written agreement concerning any of the matters mentioned in subsection   (2); and

 (aa)  at the time of the making of the agreement, the people are not the spouse parties to any other binding agreement (whether made under this section or section   90C or 90D) concerning any of those matters; and

 (b)  the agreement is expressed to be made under this section;

the agreement is a financial agreement . The people may make the financial agreement with one or more other people.

 (2)  The matters referred to in paragraph   (1)(a) are the following:

 (a)  how, in the event of the breakdown of the marriage, all or any of the property or financial resources of either or both of the spouse parties at the time when the agreement is made, or at a later time and before divorce, is to be dealt with;

 (b)  the maintenance of either of the spouse parties:

 (i)  during the marriage; or

 (ii)  after divorce; or

 (iii)  both during the marriage and after divorce.

 (3)  A financial agreement made as mentioned in subsection   (1) may also contain:

 (a)  matters incidental or ancillary to those mentioned in subsection   (2); and

 (b)  other matters.

 (4)  A financial agreement (the new agreement ) made as mentioned in subsection   (1) may terminate a previous financial agreement (however made) if all of the parties to the prior agreement are parties to the new agreement.

Great for remarriages also, when one or both party wants to protect their assets that children will inherit

It may not be effective if one or both party’s circumstances change dramatically, which can be costly to update.