You may have heard of a ‘pre-nup’, however in Australia we call them Binding Financial Agreements (‘BFA’).
You can make a financial agreement before, during or after a marriage or de facto relationship.
For a financial agreement to be legally binding, there are strict legal requirements that must be met.
No, you do not need to attend Court to enter into a BFA. However, both parties need independent legal advice.
Consent Orders are written agreements that are approved by the Court. While BFAs are a contract between two parties. When Consent Orders are made, they have the same effect as a Court Order made by a Judge after a Court Hearing. However, this is done without going to Court.
Whether you decide on a BFA or Consent Orders, coming to an agreement with the other party gives you many advantages, such as:
We can offer you legal advice, so you can make the best decision for your case.
A Court can declare the agreement invalid, and set it aside. This is why it is so important that you get the right financial advice before you enter into a Financial Agreement.