A financial agreement made before marriage is more commonly known as a prenuptial agreement or 'prenup'.
So whether we use the term financial agreement or prenuptial agreement, we are talking about the same thing.
Essentially a prenup is a practical plan for how the assets, debts and other matters to do with the marriage will be dealt with if the relationship breaks down.
Putting an agreement in place gives the couple peace of mind and offers certainty about the future. It stops niggling doubts and settles the “what happen’s if?” questions.
No need to go to Court
A prenup agreement is an alternative to court action. It is a method for the parties to negotiate a settlement of their family issues in the event of future separation. This means that, at least insofar as they concern money and possibly child support issues, the couple have resolved their issues in advance without needing the court to impose a solution.
Getting married soon? It is inadvisable to enter a prenuptial agreement within two weeks of your wedding. You won’t find this warning anywhere in the Act, it’s just something our lawyers believe could go to proving undue influence.
If you are running out of time and cannot formalise the prenup before the big day then you can always make a postnuptial agreement after the wedding which will work just as effectively as a prenup.
Financial agreements can reassure and comfort people entering marriage. They are recognised and enforceable under Section 90B of the Family Law Act 1975 (cth) and can save you time, money and heartache.
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