Brisbane’s Most Dependable Prenup Lawyers
- Prior to the commencement of a de-facto relationship;
- Prior to a marriage;
- During a de-facto relationship or marriage; or
- Following the breakdown of a marriage or de-facto relationship.
At VM Family Law, we can offer specialised advice and advocacy on BFAs, tailored to your needs. We believe in fairness and justice and sorting the complexities of how each party’s assets will be divided upon the deterioration of a relationship can be a very good idea in order to avoid problems in the future.
Where matters cannot be settled amicably, we will provide you with the best options available. If litigation becomes unavoidable, then we are ready to represent you in court, working with you every step of the way. Reaching a financial agreement can be complex, but we are here to simplify it for you and help you understand every process.
VM family lawyers are not just a law firm. We’re your partners in securing your financial future through legal provisions. So if you need help making a binding financial agreement in Brisbane, contact us today.
Binding financial agreement and prenup FAQs
What Is a Binding Financial Agreement?
A Binding Financial Agreement (BFA) is a legal document that spells out how assets and liabilities will be divided between a couple upon separation. BFAs done prior to the commencement of a relationship are known as prenuptial agreements or prenups. The parties to this agreement are typically people who are about to get married, however, they are sometimes done for de facto relationships also. Nonetheless, nothing under the law prevents an already married couple or a couple separating from entering into a BFA.
Why would I want a binding financial agreement?
The essence of a binding financial agreement is to help you avoid costly and time-consuming litigation.
Without a BFA, you give up control over how your assets will be shared in the event of separation. You leave it up to the courts to decide what you get and what you leave. The problem with this is that there’s always the possibility of the court order benefiting one party more while being detrimental to the other, especially in circumstances where one party earns significantly more income than the other.
When can I enter into a binding financial agreement?
You can enter a BFA at any point in your marriage or de facto relationship. It could be before, during, or even upon separation. Entering into one before a relationship is known as a prenup, and entering into one after a relationship is known as a postnup.
Whatever the case, it’s vital that you get legal advice before signing the agreement. Failure to do so could make the contract void and non-binding.
What makes a financial agreement legally binding?
A financial agreement is legally binding if it meets the following conditions:
- The contract is signed by both parties of their own volition, without duress, coercion, or fear.
- Each party obtained independent legal advice before signing the agreement. This advice must have included the advantages and disadvantages of the financial agreement, as well as the legal implications.
- Each party must have a certificate of independent legal advice given and signed by their respective lawyers, confirming that they received independent advice on the implications of the contract.
- The agreement is valid and has not been set aside or terminated by a court of law.
- Both parties have a signed copy of the financial agreement.
