This is actually an American term. In Australia they are called a Binding Financial Agreement but because they are entered into before a relationship or marriage they are often referred to as a ‘pre-nup’.
Many people have the mistaken view that a pre-nup is not binding and not worth the paper it is written on. Like most agreements, if the agreement does not comply with legislation and in particular the legislation which covers that type of agreement, there is a risk that it will not be binding.
The Family Law Act sets out the criteria required to be complied with in order to make an agreement affecting the distribution of assets after the breakdown of a relationship, binding. If a pre-nup does not meet the criteria set out in that Act, then, likely, the agreement may not be binding. Before entering into a relationship, you should obtain advice from an experienced family lawyer if you are considering this type of agreement.
If you would like to know more, please contact one of our friendly staff at Bambrick Legal today:
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