Binding Financial Agreements
Binding Financial Agreements can be made between parties to a marriage or between parties to a de facto (including same sex) relationship. These agreements can be made before, during or after the marriage or de facto relationship. A binding financial agreement entered into before marriage is sometimes referred to as a pre-nuptial agreement.
Binding Financial Agreements entered into before a marriage or de facto relationship define the ownership and value of property and financial resources owned by the parties (separately and/or jointly) at that time and specify how they are to be divided if the relationship breaks down. The agreement might also provide for the maintenance of either of the parties. The agreement gives the couple the peace of mind of knowing that if the relationship ends they have some certainty about the division of their property.
To be valid and binding, a Binding Financial Agreement requires careful consideration by the parties of what they require and what the future might hold. It is also important that the agreement is drafted carefully and accurately to remove any ambiguity and prevent future challenges.
For people who have already been through a relationship breakdown or are entering a de facto relationship with substantial assets, this peace of mind can be particularly important.