Prenuptial agreements (prenups), more formally known as Binding Financial Agreements (BFAs), are typically used before or during a marriage or de facto relationship to protect an individual’s assets. They outline how assets and obligations will be managed if the relationship ends.
At Nevett Ford, our prenup lawyers offer expert advice, representation, and support in all aspects of BFAs to ensure the best outcome for you. We can draft new agreements, review and negotiate existing ones, and help secure your assets.
With extensive experience in family law, our dedicated team will guide you through the BFA process, addressing potential challenges and ensuring your agreement is legally sound to safeguard your interests and secure your future.
What Are Prenuptial Agreements?
Prenups or BFAs are legal contracts made before and during a marriage or de facto relationship to protect individual property rights. They define how assets and debts will be managed in case of divorce or separation.
Though often linked to high-net-worth individuals, prenup contracts can benefit anyone by clarifying asset division, protecting valuable assets, minimising conflicts during separation, and saving time and money by avoiding protracted court battles.
Prenup agreements should be considered if you have had previous marriages, children from previous marriages, significant assets in your name and joint assets with other family members, as well as if you will receive inheritances in the future.
Getting A Prenuptial Agreement In Australia
Securing a prenup or BFA in Australia requires careful consideration and adherence to legal procedures to ensure its validity and enforceability:
1. Have a Mutual Discussion
First, sit down with your partner and discuss the state of both your finances – including but not limited to your assets and debts – as well as the goals you wish to achieve with the prenuptial agreement or BFA.
2. Engage a Lawyer
Consult with a qualified prenup lawyer to gain a comprehensive understanding of the legal framework surrounding prenups in Australia. Your lawyer will guide you through the process and explain the implications of each decision.
3. Draft the Prenup
Commence drafting – independently or with the assistance of prenup lawyers – and ensure that the division of assets, liabilities, and any other financial obligations is detailed in the document.
4. Obtain Independent Legal Advice
You and your partner must seek independent legal advice from separate lawyers to review the drafted agreement thoroughly. This step ensures that each party fully understands their rights and obligations under the agreement.
5. Sign and Exchange Statements
Once you and your partner have received legal advice, the agreement can be signed. Each lawyer will provide a signed statement confirming that they have provided legal advice, and these statements will be exchanged between the parties.
6. Document and Store Records
Keep documented records of the signed prenup and the legal statements provided by the respective lawyers. These documents serve as crucial evidence of the agreement’s validity and can be referenced in the future if needed.
The Role of a Prenup Lawyer
Our experienced prenup lawyers specialise in drafting, reviewing, and negotiating prenuptial agreements to ensure they are legally binding and tailored to your specific needs.
They provide expert legal advice, ensure that the agreement meets all legal requirements, and protect your interests throughout the process. Here is how they can help you:
1. Initial Consultation
You can schedule a consultation with one of our experienced lawyers to determine if we are the right fit for your needs.
We will then have a detailed discussion to understand your situation, financial goals, and concerns to craft an agreement that reflects your needs.
2. Strategising
During your personalised strategy session – online or in person – our team will outline your options and address your queries.
If you opt for our assistance, we will provide a transparent fixed fee quote.
3. Agreement Drafting
Once you confirm our services, our prenuptial agreement lawyers will gather any needed information and prepare a legally sound agreement for your review and approval.
We will ensure all legal requirements are met, making your agreement robust and enforceable.
4. Negotiation and Finalisation
Upon completion of the prenup agreement, we will submit the draft to your partner’s lawyer for consideration.
Our team will handle any negotiation processes on your behalf to ensure that your interests are protected.
5. Final Signing
Once both parties have received independent legal advice and agreed upon the terms, the binding financial agreement and any accompanying documents can be signed.
6. Ongoing Support
Relationships evolve, and so might your needs.
At Nevett Ford, our prenup lawyers offer ongoing support to update or revise your prenup contract as circumstances change, ensuring continuous protection of your assets.
Why Choose Us
Personalised Service
Our prenup lawyers take the time to get to know your current and future needs to ensure you get advice on prenups and/or binding financial agreements tailored to your specific situation.
Longstanding Relationships
At Nevett Ford, our lawyers aim to nurture enduring quality relationships with our clients. We are also committed to guiding you through the various phases of your relationship and evolving needs.
150 Years Of Experience
Our prenuptial lawyers have decades of combined experience and expertise handling legal matters across a comprehensive range of family and relationship issues.
Transparent and Fixed Costs
We work on fixed and capped fees whenever possible, and we will let you know upfront what each stage of the process is likely to cost, as we believe in transparency with our clients.
Frequently Asked Questions
How do I know if I should get a prenup?
We understand that no one starts a relationship intending for it to end, but if it does, a prenup simplifies the process of dividing assets and helps couples avoid uncertainty. You should consider it if you:
- Have been married before.
- Have children from a previous relationship.
- Own significant assets, such as premarital property, heirlooms, or businesses.
- Expect to receive an inheritance or gifts.
- Have more assets than your partner
- Share assets with others, such as parents or siblings.
Why should I hire a prenuptial lawyer?
The law requires that both parties to a prenup need independent legal advice from experienced prenup lawyers. This is to ensure that they fully understand their rights and obligations under the prenup, and is necessary for the prenup to be valid.
Additionally, prenup lawyers have the expertise to navigate complex legalities and ensure that your binding financial agreement is fair, enforceable, and difficult to challenge in court.
How can a lawyer help if my prenup is challenged in court?
Prenup agreements can be overturned or voided in court if they do not comply with relevant laws, or if there are serious non-disclosures, fraud in the making of the agreement, issues of mental health for parties when making the agreements, new situations arising because of children, as well as if there are issues around duress or undue influence being exerted.
If this happens to you, your lawyer will argue to defend the agreement by demonstrating that it was created fairly and met all legal requirements. They can also help renegotiate or amend the agreement if circumstances have changed.
Can a lawyer help with an existing prenup?
Yes, a prenup lawyer can review and update an existing prenuptial agreement to reflect changes in your financial situation or relationship. To update a prenup, both parties need to get legal advice again. They can also provide advice if you are concerned about the enforceability of your current agreement.
What are the costs involved in hiring a prenup lawyer?
The cost varies depending on the complexity of your case and the services required. At Nevett Ford, we pride ourselves on offering affordable services and will provide a transparent quote after an initial consultation. Get in touch with us to find out more.
WHO YOU’LL WORK WITH
Richard Hamilton
Catalano Clay
Erin Trantino
Jenny Christofidis
Maggie Wang
Stacey Raphael
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