Prenuptial Agreements Townsville

Prior to tying the knot, either you or your spouse can establish a prenuptial agreement. While these are commonly referred to as a ‘prenup’ the official term is a Binding Financial Agreement.

These agreements document the ownership of specific assets and property, as well as the assets that are jointly owned. Crucially, these agreements outline the financial implications if the marriage ends. A Binding Financial Agreement can be established even after you are married, or within an existing de facto relationship.

Get in touch with one of our prenuptial agreement lawyers to explore your options today.

These agreements are useful if:

1. Either you or your spouse has significantly more assets when entering into the agreement.
2. One or both parties have been married or in a de facto relationship previously and have significant assets.

Both you and your partner are required to fully disclose your financial situations and each must seek independent legal advice.

Assets can include:

• money,
• property,
• investments and/or shares,
• superannuation,
• inheritances,
• alongside any debts and liabilities accumulated within the relationship.

To prepare a Binding Financial Agreement, talk to one of our lawyers today.

When is a prenuptial agreement appropriate?

If you or your partner want to protect a valuable asset or resource in case of the marriage ending, a prenuptial may be appropriate. On the other hand, if one person has no significant assets, a prenuptial agreement may help to reduce any stress related to the motivations for marriage.

It’s important that prenuptial agreements are entered into freely and without any pressure. If someone suggests that you sign an agreement a week before the wedding, it’s usually not appropriate.

If you have concerns or are unsure how to proceed, speak to a prenup agreement lawyer as soon as possible.

Enforcing a prenuptial agreement

A prenuptial agreement is a legal document that’s binding and enforceable. It is important to make sure that the agreement is written correctly, otherwise it may be deemed invalid.

When a separation occurs, the ‘prenup’ becomes effective. If a party fails to comply with the agreement, you have the option to seek assistance from the Family Court of Australia. The court can then issue an order to enforce the terms.

Nevertheless, there are specific scenarios in which the court can set aside prenuptial agreements. For instance, if the agreement doesn’t comply with the Family Law Act, if there’s fraud involved, or if there was undue influence or non-disclosure when the agreement was made.

Contact our family lawyers today and make sure you protect what you’re entitled to.

Does a prenuptial agreement apply in a de facto relationship?

The term “prenuptial” specifically refers to an agreement entered into prior to marriage. The agreement outlines what is to occur in the event that the marriage does not proceed or the marriage ends. If you are in a de facto relationship, you can make an equivalent agreement known as a Cohabitation Agreement.

This type of agreement is a good way of protecting your financial position at the beginning of a relationship.

You can make a cohabitation agreement:

• before you move in together
• while you are living together

We recommend that you seek expert legal advice in relation to prenuptial and cohabitation agreements.