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Feb 15, 2022

Prenup Agreement Victoria

When it comes to marriage, many couples are familiar with the concept of a prenuptial agreement, or prenup for short. It`s essentially a legal agreement that outlines how a couple`s assets will be divided in the event of a divorce or separation. While prenups aren`t the most romantic topic to discuss, they`re becoming increasingly common.

If you`re in Victoria, Australia, you might be wondering about the specifics of a prenup agreement in the state. Here`s what you need to know.

Firstly, it`s important to note that prenups aren`t technically recognised in Australian law. Instead, they`re known as Binding Financial Agreements (BFAs). These agreements can be created before, during or after a marriage, and are recognised under the Family Law Act.

A BFA can cover a range of financial matters, such as property, debts, superannuation and spousal maintenance. It`s worth noting that a BFA can`t determine matters relating to child support or child custody, as these are considered to be in the best interests of the children.

In Victoria, a BFA must be in writing and signed by both parties. Each party must also receive independent legal advice before signing the agreement, to ensure that they`re fully aware of their rights and responsibilities.

If you`re considering a BFA in Victoria, it`s important to seek advice from an experienced family law lawyer. They can help you understand your legal rights and obligations, as well as assist you in drafting a comprehensive and effective agreement.

It`s also worth noting that a BFA can be challenged in court if one party can prove that they were forced or coerced into signing, or if the agreement is found to be unfair or unreasonable.

In conclusion, if you`re getting married in Victoria and are concerned about protecting your assets in the event of a divorce or separation, a Binding Financial Agreement could be a worthwhile consideration. However, it`s important to seek legal advice and ensure that the agreement is fair and reasonable for all parties involved.

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