Under the Family Law Act, a pre-nuptial agreement is termed a Binding Financial Agreement (BFA).
The prenup is not just a must have prior to a Hollywood marriage, it can be an important consideration for many couples especially with the increasing number of family two and even family number three. Families are often blended and consist of a web of intertwined financial, property, estate, and emotional relationships.
Statistically a second or third marriage has an extremely high risk of failing and dividing assets multiple times in life and at an older age can be financially devastating for all parties. Having arrangements in place in the case that your relationship may not stand the test of time is a logical consideration for couples.
Our Lawyers at Salerno Law can meet with you and undertake a full assessment of your financial position, estate planning, business and trust structures and relationship status. There are many cases where a pre-nuptial agreement could have prevented protracted and emotionally devastating family feuds upon the breakdown of a relationship.
Financial agreements can be made before or during a marriage and after separation. So to with de facto relationships, parties can enter into a financial agreement.
Financial agreements made pre marriage or pre-nuptial agreements can be set aside by a court. In these cases, the financial settlement and property division will follow the usual procedure as set out in the Family Law Act.
There are a number of grounds whereby prenuptial agreements can be set aside and our Family Lawyers at Salerno Law will advise you and draft your agreement to decrease any chance that your agreement can be set aside by the court in the future.
What if I want to quarantine my current assets from a future property claim?
Couples can quarantine assets in a BFA however there are different scenarios that will make the agreement less enforceable if a future claim is made. There are also life events such as having children together that can affect the enforceability of the BFA. At Salerno Law our Family Lawyers can advise you about this often-complex area of law.
What if I am feeling pressured to sign? No agreement, No wedding.
Pre-nuptial agreements can often be set aside by the court when they were entered into under duress, and especially when signed close to the wedding date. Spouses can also be pressured by their immediate and extended family to have the other spouse sign the agreement, so both parties are entering into the BFA conflicted and pressured to do so.
At Salerno Law our Family Lawyers can advise you and guide you through several options that may be available to you to consider current assets and future needs in the event that your relationship breaks down. There are other options other than a prenup and we can discuss these with you.