This document creates a binding financial agreement for parties who are contemplating entering into a marriage.
It is commonly referred to as a Prenuptial Agreement or 'Prenup".
A binding financial agreement pursuant to section 90B of the Family Law Act 1975 (Cth) is an agreement by two parties:
1️⃣ Contemplating entering into a marriage; and
2️⃣ Providing how, in the event of the breakdown of the marriage, all or any of the property or financial resources of either or both of parties at the time when the agreement is made, or at a later time and before the divorce, is to be dealt with.
This agreement cannot be entered into if, at the time of the making of the agreement, either party is a party to any other financial agreement under the provisions of the Family Law Act 1975 (Cth).
This agreement only deals with the property and liabilities of the parties and does not deal with spousal maintenance or child support.
Important: Independent Legal Advice for both parties from their own lawyer [before they sign] is required for the prenup to be valid!
It's a critical element for the validity of a binding financial agreement that both parties are provided with independent legal advice from their own respective Australian legal practitioners.
This must happen before the parties sign the binding financial agreement.
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