Prenuptial Agreements Cairns

Before marriage, you or your partner can make a prenuptial agreement. This can also be referred to as a Binding Financial Agreement.

An agreement records who owns certain assets and property, and what assets are shared. Importantly, it also sets out what happens to your finances if the marriage ends. You can enter into a Binding Financial Agreement even after you are married, or if you are in a de facto relationship.

Speak to one of our prenuptial agreement lawyers today to discuss what’s right for you.

These agreements are useful if:

1. One party has more significant assets at the time of entering into the agreement.
2. One or both parties have previously been married or in a de facto relationship and have significant assets.

You and your partner must provide full disclosure of each other’s financial circumstances and each of you must obtain independent legal advice.

Assets can include:

• cash,
• real estate,
• investments,
• superannuation,
• inheritances,
• as well as detailing any obligations for debts and liabilities created within the relationship.

Speak to one of our family lawyers in Cairns about preparing a Binding Financial Agreement today.

When is a prenuptial agreement appropriate?

A prenuptial agreement is appropriate if one or both of you have an asset or financial resource (such as superannuation) of significant value that you want to protect should the relationship end. Alternatively, the person with no significant assets may suggest a prenuptial agreement to alleviate any stress in the relationship regarding the motivations for marriage.

Prenuptial agreements should be entered into freely, without any pressure and be finalised well before your wedding day. If your partner suggests that you enter into one a week before the wedding, then it is usually not appropriate to sign such an agreement.

If you have any questions or concerns about prenuptial agreements, we recommend speaking to an experienced family lawyer for legal advice as soon as possible.

Enforcing a prenuptial agreement

The prenuptial agreement is legally binding and enforceable, but if the agreement is not drafted correctly, it may be deemed invalid and be completely set aside by the court.

A ‘prenup’ comes into effect when the couple separates. If one party does not comply with the terms of the agreement, an application can be made to the Family Court of Australia asking them to enforce the agreement. The court will determine the validity of the agreement (as well as its enforceability) and can then make an order that the terms of the agreement be enforced.

In certain circumstances, the court can set aside prenuptial agreements. For example, if the agreement does not comply with the Family Law Act, if there is fraud, or if there was undue influence or non-disclosure when the agreement was made.

Contact our family lawyers today and make sure you protect what you’re entitled to.

Does a prenuptial agreement apply in a de facto relationship?

The term “prenuptial” specifically refers to an agreement entered into prior to marriage. The agreement outlines what is to occur in the event that the marriage does not proceed or the marriage ends. If you are in a de facto relationship, you can make an equivalent agreement known as a Cohabitation Agreement.

This type of agreement is a good way of protecting your financial position at the beginning of a relationship.

You can make a cohabitation agreement:

• before you move in together
• while you are living together

We recommend that you seek expert legal advice in relation to prenuptial and cohabitation agreements.