19 Apr Pre-nup, post-nup and everything in between
Binding Financial Agreements (“BFA”), colloquially referred to as pre-nuptial or cohabitation agreements, have been able to be entered into by parties to a marriage since 2000 and by de facto partners since 2009.
Historically thought to be reserved for agreements between parties prior to marriage, BFA’s are able to be entered into at any stage of a relationship. More specifically, the six (6) types of BFA’s under the Family Law Act 1975 (Cth) are:
- Before a de facto relationship;
- During a de facto relationship;
- After a de facto relationship;
- Before a marriage;
- During a marriage; and
- After a divorce.
Entering into a BFA can be the most time and cost-effective way to resolve how your assets are to be divided in the event or separation, or in light of separation.
If you and your partner (prospective, current or past) agree on how your assets are to be divided, we highly recommend seeking independent legal advice in relation to whether a BFA would be suitable to your circumstances.