Prenup Lawyers
A prenup is a powerful way to know where you stand. Movement Legal can help protect you and your legacy.
What is a Prenup?
A prenuptial agreement, also known legally as a "Binding Financial Agreement" (BFA) under the Family Law Act, is a formal contract entered into by parties intending to marry or start a de facto relationship.
In essence, this agreement outlines the financial arrangements between the individuals involved, offering a clear framework for how assets, debts, and other financial matters will be handled in the event of a relationship breakdown.
Prenuptial agreements can encompass a variety of financial aspects, including:
- Division of property
- Investments
- Debts
- Inheritance
- Spousal support
- Pets
Couples can customise their prenuptial agreement to suit their specific financial situation, preferences, and goals.
Some things to know about
Prenups
How assets and liabilities get divided
This involves a comprehensive assessment of financial assets, and debts acquired during the relationship. This then takes in financial and non-financial contributions and future needs. Legal professionals play a crucial role in guiding individuals through this process, to ensure a fair resolution that is legally enforceable and takes into account the unique circumstances of each party.
How "Property" is viewed in the separation process
In Australian family law, property involves all items that were owned or shared by the couple, including bank balances, house, investment properties, cars, investments, shares or trusts you are part of, gifts or inheritances received, superannuation, loans or credit card debts.
When the property settlement can be commenced
The property settlement process can be commenced once you are separated (even if you remain living in the same house). You do not need to be divorced. There are time limitations - for defacto couples 24 months after separation, and for married couples 12 months after divorce.
Deciding on the actual division of property and assets
Dividing assets is not necessarily done rigidly through a percentage-based allocation for each asset. We will work with you to consider different models of division of the asset pool. As needed, negotiations or mediation can help arrive at a personalised and creative approach, giving flexibility to consider the unique aspects of your individual circumstances and future plans.
The Prenup Process
Step 1
Consider all Assets
We will look at all assets held by both members of the couple - both current and future.
Step 2
Model Options
Our lawyers will collaborate with you to explore various division options before drafting the Agreement.
Step 3
Independent Legal Advice
The Agreement is presented to the other party, who must obtain their own legal advice.
Step 4
Legal Finalisation
The agreement is signed by both parties, at which point it becomes binding.
Why choose Movement Legal?
Clear legal advice
We communicate and offer advice in simple, understandable terms.
Swift Resolution
Our focus is on achieving outcomes, and promptly resolving your matter
Strategic Representation
We deliver clear strategies to advance and resolve your case.
Dedicated Advocacy
We assert your rights through mediation, negotiation, and in court.
FAQs
Frequently Asked Questions
quizWhat does a prenup lawyer do?
A prenup lawyer specialises in providing legal advice, drafting, reviewing, and negotiating prenuptial agreements to ensure they are legally compliant, and tailored to the specific circumstances.
Is a Prenup the same as a Binding Financial Agreement (BFA)?
Prenups are formally known as Binding Financial Agreements. They are also referred to as prenuptial agreements, postnuptial agreements, cohabitation agreements, separation agreements or divorce agreements.
Can a Prenup Be Challenged?
A prenup can be challenged and potentially overturned by a court, but only under specific circumstances. Grounds for challenging a prenup include fraud, duress, unconscionable conduct, or significant changes in circumstances.
What Are the Consequences of Breaking a Binding Agreement?
If a Binding Financial Agreement is breached, the party harmed by the breach can seek legal remedies through the court system. These remedies may include seeking compensation or enforcement of the agreement's terms through specific court orders.
How Does a Binding Financial Agreement Differ from Court Orders?
Both Consent Orders and BFAs provide a structured approach for dividing assets, finances, and property at the end of a relationship.
If a prenup is not in place, then the alternative is commonly to resolve unresolved issues through negotiations, lawyers, or before the court.
Get in touch with our team to book an appointment.
Prenup Articles
View our guides on prenups and financial agreements
