Binding financial agreements may be signed before marriage or a de-facto relationship (commonly referred to as prenuptial agreements), during the relationship or after separation. They are a way of agreeing to financial arrangements, such as the division of assets and debts, in the event that the relationship breaks down.
They assist in averting conflict, time wastage and expense if separation occurs, as they are often negotiated when couples are on good terms. They also foster frankness between couples about their financial situations and expectations.
They are particularly recommended for partnerships where there is a significant disparity in wealth or where assets shared with extended family members are involved.
People who are remarrying often enter pre-nuptial agreements to avoid the risk of expense and inconvenience they may have experienced in a previous divorce.
If you are at any stage of marriage or a de-facto relationship, contact Bennett & Philp Lawyers to speak to an experienced family lawyer about a binding financial agreement.