The family law legislation offers for parties to a marriage or de facto relationship to enter into a mandatory legal agreement concerning the financial arrangements should their marriage or de facto relationship break down. ‘Financial agreements’ is also commonly known as ‘prenuptial agreements.
There are many benefits of having a financial agreement. In addition to being a cheaper and time efficient alternative to court orders, it also provides a greater certainty as to the division of the property, thereby providing peace of mind.
A financial agreement can be made before marriage or the commencement of a de facto relationship or during marriage or de facto relationship.
For a financial agreement to be lawfully mandatory, you must both have:
A Court can announce the agreement invalid and set it apart. The circumstances in which that is feasible are provided at Section 90K (married couples) and Section 90UM (de facto couples) of the Family Law Act 1975. Financial agreements are intended to be final, but in some instances, you may be capable to ask the court to think about a request to terminate or alter a financial agreement, involving where: