Document background
A Financial Prenuptial Agreement is essential for couples planning to marry in Australia who wish to establish clear financial arrangements and protect their assets. This document, formally known as a Binding Financial Agreement under the Family Law Act 1975, should be prepared well in advance of marriage. It requires comprehensive financial disclosure from both parties and must include details of all assets, liabilities, and financial resources. The agreement typically covers property division, spousal maintenance, and treatment of future acquisitions. Each party must receive independent legal advice, and the agreement must comply with strict statutory requirements to be enforceable. It's particularly important for individuals with substantial assets, business interests, expected inheritances, or those entering second marriages. The agreement provides certainty and can help avoid costly disputes if the relationship breaks down.
