Document background
The Relationship Prenup, formally known as a Binding Financial Agreement in Australia, is essential for couples planning to marry who wish to establish clear financial arrangements and protect their assets. This document is particularly relevant when either or both parties have significant assets, business interests, expected inheritances, or children from previous relationships. Governed by the Family Law Act 1975, it requires strict compliance with legal requirements including independent legal advice and full financial disclosure. The agreement typically includes detailed provisions for property division, financial support, and dispute resolution mechanisms. It's commonly used by high-net-worth individuals, business owners, and those seeking clarity and certainty in their financial arrangements before marriage. The document must be carefully drafted to ensure enforceability and should be completed well before the wedding date to avoid claims of duress or undue pressure.
