Whether you’re married, separated or in a de facto relationship, a Binding Financial Agreement drafted by an experienced lawyer can help you protect your interests and avoid costly legal proceedings. Speak with our family lawyer today for expert advice on how you can best divide your assets & property.
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In simple terms, a Binding Financial Agreement, also known as a prenuptial agreement in Perth, is a legally binding contract between you and your former spouse – marital or de facto relationship – which dictates how assets and property will be divided between both parties. You can apply for a binding financial agreement/de facto financial agreement/de facto prenup at the start of your relationship, during and after you have separated.
Creating a Financial Agreement provides you with certainty on your assets and protects your interests in the event of separation, while preventing costly legal proceedings in the future. Speak with an experienced Family Lawyer for a comprehensive and equitable BFA that protects your best interests and complies with legislation.
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BFAs are confusing and expensive, but they can be straightforward and less stressful with the right legal advice and strategy. Book your free 15 minute consultation with our specialist family lawyer to discuss your current situation and find out your next best steps.
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This is the right time to ask all of your questions and let our family lawyer know about any concerns you may have. Based on your situation, we will be able to provide you with legal advice, and help you determine what are your next best steps moving forwards.
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The concept of prenuptial agreements or de facto prenups is not recognised in the Australian legal system, nor mentioned in any legislation. However, they are essentially BFAs that are drafted and agreed upon before marriage, and are essential in protecting financial assets of both partners to be married, or in a long term relationship.
You can apply for a binding financial agreement/de facto financial agreement/de facto prenup in Australia when you:
If you are wanting to apply for a binding financial agreement, separation financial agreement, or de facto prenuptial agreement in Australia, both parties must have it overseen by legal professionals. Your best place to start is by booking a free consultation with Paterson & Dowding.
A financial agreement in divorce means you spend less money and time in court because your property settlement is more or less already defined. Binding financial agreement advantages and disadvantages vary because on one hand you will spend less time and money in court, but on the other your assets may be split unfairly. This is why you need a trusted legal professional.
Can they be overturned and are prenups legally binding in Australia? The answer is yes to both. Yes they are legally binding, but they can be overturned in special circumstances in a court. If you are unhappy with your financial agreement, see a Paterson & Dowding lawyer.
You might think that prenuptial agreements in Australia cost too much, but let me tell you they are worth it. In the long run if you separate, they will save you a lot of time and money in court. The disadvantage is that your assets could be split unfairly. To make sure this doesn’t happen, book a free consultation with a Paterson & Dowding lawyer.
How much does a prenup cost in Australia? Any court/law process varies in cost because everyone’s circumstances are different and require different responsibilities. However, in general a BFA costs between $2,000 to $5,000.
A Financial Agreement is not always “binding”. A financially binding agreement is only binding if all the legislative requirements have been met, the agreement has not been terminated and it has not been set aside by the Family Court. If you think your agreement is not valid, you should seek legal advice to see whether it can be set aside.
It is essential that you see a lawyer to ensure that your agreement is, as far as possible, valid and enforceable. At Paterson & Dowding our lawyers are experienced in drafting, advising and representing clients in relation to these agreements.
Further, it is important that your agreement also works at a practical level, so that in the unfortunate event that you separate, your agreement will operate clearly to manage your financial affairs. In other words, even though your agreement might comply with the legislation, if it has vague or imprecise terms, you might still find yourself unable to use your agreement. This may lead to arguments and the need to ask the Family Court to interpret your agreement.
Financial Agreements are not just for “celebrities”.
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