As a leading team of family lawyers in Melbourne, Nevett Ford is proud to provide high-quality advice and representation in all aspects of binding financial agreements (BFAs) – also known as prenuptial agreements.
We offer extensive support, clarity and representation in all aspects of prenuptial agreements to obtain the best possible outcome for you. We can draft new agreements or review and negotiate existing agreements, as well as working towards helping you obtain protected or isolated assets if necessary.
With years of experience, a transparent yet compassionate approach and a deep understanding of family law, our dedicated team of lawyers is well-equipped to navigate even the most complex prenup cases with skill and diplomacy. Our goal is to ensure your interests and future are protected.
What are Prenuptial Agreements?
Prenuptial agreements – also referred to as prenups or BFAs – are legal documents created by couples before they get married to protect their individual property rights. These agreements outline the division of assets, debts, and other financial matters in the event of a divorce, separation or even death.
While prenups are often associated with high-net-worth individuals, they can benefit couples of all financial backgrounds by:
- Offering Clarity and Certainty: You and your partner will have the exact details of how your net assets and resources will be divided if you choose to separate in the future, providing peace of mind.
- Providing Protection and Security: Your valuable assets, including premarital property, family heirlooms and businesses owned will be protected as instructed in the prenup.
- Facilitating a Smooth Process: Prenuptial agreements help to facilitate a smooth and seamless separation or divorce by preventing contentious disagreements.
- Saving Time and Cost: If asset division happens without a prenup, lengthy and expensive court battles may ensue, which can take months or even years to resolve.
You should consider a prenup if you:
- Have been married previously
- Have children with a former partner
- Have significant assets that need to be protected
- Have received or will receive inheritance or gifts in the future
- Have significantly more assets than your partner before getting into the relationship
- Have joint assets with your others, such as your parents or siblings
Getting a Prenuptial Agreement in Australia
Securing a prenup in Australia requires careful consideration and adherence to legal procedures to ensure its validity and enforceability. Here’s a step-by-step guide:
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.
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.
Our Role in the Prenup Process
1. Consultation
You can schedule a phone consultation with one of our experienced lawyers to decide if we fit your needs. Then, we will request detailed information on your property, finances, family dynamics and goals for the prenup so that we can tailor our advice and recommendations.
2. Strategy
During your personalised strategy session, conducted either online or in person, our team will outline your options and strategy in detail, as well as address your queries or concerns. If you opt for our assistance, we will provide a transparent fixed fee quote.
3. Drafting
Once you have confirmed our services, we will gather any additional necessary information and prepare the prenup for your review and approval.
4. Negotiation and Finalisation
Upon completion of the prenup, we will submit the draft to your partner’s lawyer for consideration. Our team will handle any negotiation processes on your behalf with a view to ensuring that your interests are protected.
5. Final Signing
Once both parties have received independent legal advice and agreed upon the terms, the prenup and any accompanying documents can be signed.
Frequently Asked Questions
What do prenuptial agreements cover?
The terms of a prenup can cover a wide variety of matters, including:
- Ascertaining what assets will be divided and in what proportion in the event of a divorce.
- The type of assets that are considered separate and joint.
- Anticipated changes in the future i.e., children – you can detail whether the terms will change if children are involved.
- A pre-determined amount of spousal maintenance or separation payment.
It is important to note that prenups do not cover the custody of children or child support payments. They are predominantly used to dictate how a couple’s finances will be divided in the event that the relationship breaks down.
Are prenuptial agreements legally binding in Australia?
Yes, prenups are legally binding documents, provided they meet certain legal requirements. However, their enforceability may vary depending on the specific circumstances of each case. Speak to a lawyer to find out more about the status of your prenup.
Do both parties need to have a lawyer for a prenuptial agreement to be valid?
Yes they do. Having independent legal advice ensures that each party fully understands their rights and obligations under the prenup and is a legal requirement for validity.
Can I change a prenuptial agreement?
If both parties agree, a prenup can be altered or terminated accordingly. Should your circumstances evolve, an experienced prenup lawyer will be able to assist you in understanding your options.
Can a prenuptial agreement be challenged in court?
Yes, prenups can be challenged in court under certain circumstances. Common reasons for challenging a prenup include:
- Evidence of coercion or duress during the signing process.
- Failure to disclose assets or debts.
- Significant changes of circumstances related to care and wellbeing of a child that cause a hardship.
How long does it take to create a prenuptial agreement?
This can vary depending on factors such as complexity, negotiations, and legal requirements. On average, it may take several weeks to a few months to draft and finalise a prenup, so it is best to start the process early to allow ample time for review and revisions.
What is the cost of creating a prenuptial agreement?
Costs in Australia can vary depending on complexity and individual needs. 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.
Have More Questions?
Why Choose
Nevett Ford
Decades Of Experience
Our team is backed by leading expertise and years of experience in prenuptial agreements and binding financial agreements, with hundreds advised upon each year.
Personalised Service
Our lawyers will accommodate your needs instead of a one-size-fits-all approach.
High Success Rates
We strive to provide a positive resolution and outcome for all parties involved.
Standard Of Care
Our lawyers show genuine interest, empathy and care for our clients, resulting in strong and meaningful relationships.
Fast Response
We pride ourselves on being accessible and responsive to calls and emails.
Initial Fixed Cost Consultations
Our team is dedicated to providing transparent and affordable fees, so clients know what the process will look like ahead of time.
Nevett Ford Is A Member Of The Following:
Who You’ll Work With
Richard Hamilton
Director
Jenny Christofidis
Special Counsel
Erin Trantino
Lawyer
Maggie Wang
Lawyer
Catalano Clay
Lawyer
Stacey Raphael
Lawyer
Gurnoor Klair
Administrative Assistant
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