Financial Agreements (Prenuptial / Cohabitation & De Facto)
A financial agreement, commonly referred to as a prenup, is legally binding arrangements that couples often use to manage the division of finances and assets should a breakdown of a relationship occur. Ideally, these would be put in place before a couple is married or enters a De facto relationship (a relationship between two people, not legally married or related by family, who having regard to all circumstances, lived together on a genuine domestic basis) , though it is possible to create retrospective agreements also. De facto relationships whether same sex or not have the same legal rights and entitlements.
Relationships and any breakdowns can be difficult at the best of times, but when mixing in the law, they can become very complex.
When drafting these agreements, it is essential that care is taken to ensure no terms are ‘grossly unreasonable’ i.e. one party may have unfairly influenced another or engaged in unfair conduct.
Our team of specialist lawyers must give financial advice and explanations of a drafted agreement’s terms and effects. To be valid, a financial agreement must be fair to all parties, especially the one who is less wealthy than the other.
When properly drafted by a legal specialist such as ours, a financial agreement is an important tool for ensuring peace of mind and asset protection when moving into the next step of a relationship.
Contact us today for your free initial consultation to discover how a financial agreement could help you and your loved one.