fbpx

What is a Prenuptial Agreement in Australia?

prenup agreement

Prenuptial agreements, commonly referred to as “prenups,” are legal agreements entered into by couples prior to their marriage. Prenups typically outline the division of assets and liabilities in the event of divorce or separation, and can also address issues such as spousal support and inheritance. In Australia, prenups are known as “binding financial agreements” (BFAs).

 

In Australia, prenups are governed by the Family Law Act 1975. A BFA is a legal document that sets out the financial arrangements between couples in the event of separation or divorce. BFAs can be entered into before, during, or after marriage or de facto relationships. However, there are strict legal requirements that must be met in order for a BFA to be binding.

 

A BFA must be in writing, signed by both parties, and witnessed by a lawyer. Each party must also receive independent legal advice about the effect of the BFA on their rights and the advantages and disadvantages of entering into the agreement. The legal advice must be provided by a qualified family lawyer, who must sign a certificate confirming that the advice was given. Failure to comply with these requirements can render the BFA invalid.

How Valid are Prenuptial Agreements in Australia?

BFAs are legally binding agreements that can be enforced by the Family Court of Australia. However, there are circumstances in which a BFA can be set aside. For example, a BFA may be set aside if:

 

  • One party did not receive proper legal advice before signing the agreement;
  • One party was forced or coerced into signing the agreement;
  • The agreement is unfair or unreasonable;
  • The agreement was entered into as a result of fraud or duress.

The court may also set aside a BFA if there has been a significant change in circumstances since the agreement was signed, such as the birth of a child or a change in financial circumstances.

Is it Possible for Prenuptial Agreements to be Legally Enforced in Australia?

Yes, prenuptial agreements (prenups) can be enforced in law in Australia, but there are certain conditions that must be met for a prenup to be considered legally binding.

 

In Australia, prenups are known as Binding Financial Agreements (BFAs) and are governed by the Family Law Act 1975. To be enforceable, a BFA must be in writing, signed by both parties, and each party must have received independent legal advice before signing.

 

In addition, the BFA must be fair and reasonable at the time it was made, and must not be set aside by a court if it would cause serious injustice to one or both parties. A court may also set aside a BFA if it was obtained by fraud, duress, unconscionable conduct or undue influence.

 

It is important to note that BFAs can only deal with financial matters, such as the division of assets and spousal maintenance, and cannot deal with issues related to children, such as parenting arrangements or child support.

Do-It-Yourself Prenuptial Agreement in Australia

While it is possible to create a do-it-yourself prenuptial agreement in Australia, it is not recommended. As mentioned above, there are strict legal requirements that must be met for a BFA to be binding, and failure to meet these requirements can result in the agreement being set aside. A qualified family lawyer can ensure that the agreement meets all legal requirements and advise both parties on the effect of the agreement on their rights.

 

Accordingly, a prenuptial agreement in Australia is a binding financial agreement that sets out the financial arrangements between couples in the event of separation or divorce. Contact Lyons Law Group family lawyers in Parramatta if you require family law advice.

Going To Court?

Send An Online Enquiry

Contact Mohammad Khan

    What Our Clients Say About Us

    Russell Lew
    Read More
    Super knowledgeable amazing service extremely supportive thank you so much.
    Omar M
    Read More
    A BIG thank you to Lyons Law Group with helping me achieve the best outcome for my case. From day one they were very professional, straight to the point and very easy to communicate with, keeping me updated and informed with everything I needed to know. Honestly, exceptional service and support. Thank you once again to Mohammad & Team.
    Edward Hinds
    Read More
    Lyons Law Group is amazing. They are very professional, sympathetic, and helpful. I was kept informed during every step. The level of support was second to none. Mohammad went above and beyond and updated me regularly. Hijram too was amazing. Her calls and court representation made me feel at ease. This was a great experience. I cannot recommend Lyons Law Group enough. My gratitude extends to all involved in the handling of my case.
    Layalle Itaoui
    Read More
    Thank you Lyons Law Group on providing me an exceptional service delivered with care, compassion and a high level of professionalism. The outcome was more than what I had expected. A true reflection of your legal expertise and experience. Thank you Mohammad and team.
    Tristan Bartolome
    Read More
    10/10 WOULD RECOMMEND!!! Last year I was caught up in some trouble and in need of desperate help my friend recommended William from Lyons Law Group. Although there was less than 3 weeks to prepare, William was happy to help me out despite there being such limited time to work with. Despite the limited time William had to work with, he made me feel confident during the whole time and also taught me a lot in the process. In the end he got me an outcome that was better than I thought I would have gotten! I will definitely go back to William if I ever need legal help again!
    Mala Singh
    Read More
    Very professional, reasonable pricing and very supportive. The most stressful time of my life Mohammed was honest and driven to get the best possible outcome for me. Thank you Lyons team
    Daniel Blackwell
    Read More
    Helped me get the best possible outcome for my personal scenario. Their patience and professionalism are outstanding, I was given pure human understanding. Thank you
    Alan Lu
    Read More
    Lyons Law was professional and provided exceptional service to get the best result. I would recommend engaging them. Particular mention and thanks to the solicitor William Lam.
    DemoSpec
    Read More
    Great teamwork, great people. Highly recommended. Thank you Lyons Law Group
    Previous
    Next

    Author

    • Lyons Law Group | Criminal Defence Lawyers

      Lyons Law Group is a boutique firm of expert criminal solicitors and barristers. Lyons Law Group is dedicated to strong advocacy when representing its clients with an approach that is tailored to every client’s specific needs.