Prenuptial Lawyers Gold Coast
No one likes to enter a marriage or a de facto relationship with the expectation of it failing. However with more than 30% of all marriages in Australia ending in divorce, it seems only prudent to be prepared. The legal name for a prenuptial agreement is a Binding Financial Agreement or a BFA. This is because the only possible way to contract out of the way that the Family Law Act prescribes for parties to divide property after separation is by having a BFA.
Our Gold Coast family lawyers are on-hand to give you the most up-to-date legal advice to assist you with your prenuptial agreement or BFA. We understand that preparing and signing a prenup can be a sensitive issue, so we always ensure that all parties are listened to, and that way, we can consult our clients more thoroughly.
What is a prenup?
A prenup or prenuptial agreement is legally binding to protect your assets when you enter a de facto relationship or marriage.
A prenup (BFA) is a legally binding agreement that logs the assets and debts of each party entering the marriage or relationship. It then details how these assets and debts will be divided across both parties in the event of a separation or divorce.
Suppose you and your partner can agree on the terms of the BFA. In that case, one of you will need to retain a family lawyer to advise and draft the document, and the other party will need to retain their independent lawyer for legal advice regarding the paper. This is necessary for the document to be binding.
Prenups are not limited to marriage, they can also apply to de facto relationships. A prenup is a legally binding agreement that logs the assets and debts of each party entering the marriage or relationship, it then details how these assets and debts will be divided across both parties in the event of a separation or divorce.
For a prenup to be legally binding in Australia it will need to comply with the following criteria;
- Each party must disclose their financial position fully
- The prenup must be in writing
- Each party must have independent legal advice before signing anything
- Each party must willingly sign the prenup without any pressure
- There are strict guidelines outlined in the Family Act, 1975 to govern the legality of a prenup
A prenup makes sense
Signing a prenup before marriage or at the start of a de facto relationship means that all parties enter into the agreement of how to divide their assets should the marriage or relationship fail at a time that they have the upmost love and respect for one another.
Unfortunately, divorce can be bitter and filled with emotion, so it makes sense to agree to a fair resolution should the relationship ends when all parties are amicable.
A prenup takes all the guesswork and uncertainty out of divorce proceedings and means that if the unforeseeable happens, you can move forward quickly, knowing exactly what all parties are entitled to.
A prenup can also save you money in the long term as divorces and separations can become quite costly when both parties disagree on an outcome, legal fees can soar quickly and moving on from the relationship can be a drawn-out process.
A prenup is not an iron-clad agreement
Whilst a prenup can take some of the uncertainty out of your future should things go awry, they are not always 100% set in stone. That’s why it’s important to speak to a reputable family lawyer that can limit the reasons a prenup can be voided. Collective Family Law Group on the Gold Coast always do their due diligence, to ensure you are getting the best advice possible.
Call Collective Family Law Group on the Gold Coast for an appointment today
When you are looking for a professional firm to offer pre-nuptial financial agreements, we hope that you choose Collective Family Law Group on the Gold Coast.