Pre nuptial agreement is the term often used to describe a
Binding Financial Agreement which is entered into by the parties
before a marriage or de facto relationship. Sometimes these
agreements are entered into during the marriage or de facto
relationship but before separation.
The Binding Financial Agreement is intended to prevent the
parties from being able to bring a claim in Court for property
settlement, and sometimes spousal maintenance, if the parties
separate. The Agreement sets out what will happen to each of the
parties' assets, liabilities and financial resources in the event
that they separate; namely who gets what.
People are now more than ever looking to protect their assets
from a potential claim from a former partner. Unfortunately there
have been a number of recent cases in which these Agreements have
either been declared non-binding or set aside by the Court.
This is an area of the law that is very technical and constantly
changing. Our view is that such Agreements are not appropriate in
all situations and accordingly we do not prepare them in all
situations, but that there are still circumstances where such
agreements are appropriate.
In each case we make an assessment of the party's particular
circumstances and if appropriate, we can assist you by preparing a
Binding Financial Agreement to protect your property.
If you would like to look at your options regarding protecting
your assets, contact us for an initial free 30 minute
consultation at any one of our metropolitan Adelaide or South
Australian regional locations.