Agreements on property matters can be documented at different stages of your relationship – in Australia, these are known as Binding Financial Agreements, however the colloquial term is a ‘pre-nuptial agreement’ or ‘pre-nup’.
These agreements can be drafted at any stage of a relationship or marriage (before the marriage, during the marriage or after a separation/divorce) and are used to document and secure agreements between the parties to a relationship/marriage as to what will happen in the event of a separation. It’s like pre-planning your property division matters.
Sometimes, parties are already married and decide they need to re-visit or re-consider their need for an agreement in certain circumstances, for instance where there has been a large windfall (such as an inheritance or personal injuries payment), when you become parents, or your situations change (such as your ability to work or your health conditions change).
Provided these documents are drafted properly in accordance with the regulations, then they are binding on the parties.
Contact our office to discuss whether a binding financial agreement is needed in your circumstances today.