Document background
The Common Law Prenup, formally known as a Binding Financial Agreement (BFA) in Australia, is a crucial document for parties planning to marry who wish to establish clear financial arrangements in advance. It is particularly relevant for individuals with significant assets, business interests, expected inheritances, or those entering second marriages. The agreement must comply with the Family Law Act 1975 (Cth) and requires both parties to receive independent legal advice. It typically includes comprehensive details of all assets, liabilities, and financial resources of both parties, provisions for property division, and arrangements for financial support in case of relationship breakdown. The document must be carefully drafted to ensure enforceability and should be prepared well in advance of the marriage to avoid any suggestion of duress.
