Before getting married, parties are able to record in writing what they want to have happen with their property in the event the marriage does not work. These types of agreements are often referred to as “prenuptial agreements”.
The legal terminology for such agreements is a “Binding Financial Agreement” (“BFA”). Parties in a defacto relationship, who do not want to get married, can also enter into a BFA. The benefit of a BFA is that in the event of a break up, the parties can avoid expensive Court trials. One of the critical factors to include in a BFA (prenuptial agreement) is the values of the assets at the time the agreement is made. Many Court cases are more to do with the value of assets, rather than the proportions of division between the parties. For example, even though the parties might agree to a 50:50 split on separation, the difference is significant if one party thinks the matrimonial home is valued at $700,000 and the other party thinks the value is only $600,000.
For assistance regarding prenuptial, contact our expert family lawyers. We offer a free 30 minute meeting at no cost and no obligation.