Ahh Easter, the long weekend Australia loves. It’s a time for camping trips, get-togethers with family and friends and weddings, lots of weddings.
The happy couple are blissfully in love, they are having the dream wedding and plan on living happily ever after. Long may that continue.
However, for some the fairy-tale romance sadly comes to an end and the blissful beginning filled with rainbows and butterflies and sprinkled with fairy dust can end in a puddle of tears, regret, harsh words and arguments over asset division.
More and more couples consider whether they should have an “insurance policy” to outline just how they should divide property on relationship break down and to avoid the stress of deciding how to “split the sheets” and have a civilised separation. It’s possible. This is where you hear the term “prenup” being used.
Financial Agreements are commonly referred to as Prenuptial agreements, sometimes called a Binding Financial Agreement (BFA). Prenuptial agreements are used for the division of property commonly in two situations – before marriage a ‘prenup’ or after a relationship breaks down. The agreement doesn’t have to be sanctioned by the court, nor does it have to be just and equitable and can favour one party over the other.
Provided that the agreement is entered into freely, both parties provide full disclosure of their financial circumstances, and they both have the benefit of independent legal advice, a BFA is binding and enforceable. This area is complex and can be very expensive because of the detailed nature of such agreements required. It’s not our practice to recommend a BFA for simple property division because of the complexities and costs involved. If you’re considering a prenuptial agreement/BFA, you will need expert advice on the intricate nature of such an arrangement.
As a boutique practice specialising in Family Law, Suzanne Hadley a Queensland Law Society Accredited Family Law Specialist and Sybilla Francis senior solicitor, a family law specialist accredited in the United Kingdom and now practising in Cairns, we offer this expertise and can assist you to make the decision on whether a prenuptial agreement is the right solution for you.
Call us to arrange a fixed fee appointment to discuss your situation.