Marriage is one of the formal relationships that people usually enter into without usually seeking any legal advice. It is a relationship that, unlike any other, binds the finances of parties. Accordingly, marriage has a deep legal significance which many people fail to recognise. A pre-nuptial agreement, also known as a binding financial agreement, deals with the protection of certain assets should the relationship break down. When one out of every three marriages is expected to end in divorce in Australia, the significance of a prenuptial agreement or binding financial agreement cannot be overstated. Our Family Lawyers often assist individuals and couples prepare binding financial agreements in order to protect themselves against the worst.
If you plan on entering into a marriage with many assets, it is important to speak with a lawyer to find out your rights about protecting that property in the event of divorce. The Family Law Act 1975 facilitates couples entering into binding financial agreements before, during and after marriage to protect their assets. These documents are very formal, require the consent of both parties and require independent legal advice.
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