Binding Financial Agreements

Home / Areas of Practice / Binding Financial Agreements

Binding or Prenuptial Financial Agreements Melbourne

Binding Financial Agreements (often referred to as ‘pre-nuptial agreements’, ‘pre-nups’ or ‘BFAs’) are designed to protect the property rights of parties in the event that a relationship ends. They can often save the stress and expense of lengthy court proceedings.

That’s why at Testart Family Lawyers, we handle all areas of family law in relation to Binding Financial Agreements, whether they are entered into before (a ‘pre-nup’), during, or at the conclusion of the relationship.

We aim to give you peace of mind so that you can move forward in your life with confidence and clarity without the worry and stress of having to go to court to settle your family law property matters.

Our binding financial agreements process

The end of a relationship or marriage is often an incredibly difficult time, especially if there are disputes over the division of property or finances – and especially if those disputes lead to court. Correctly preparing a binding financial agreement before, during or after a relationship can be a cost effective, easy way to minimise that stress by avoiding court and resolving those disputes before they start.

Our process is designed to make preparing your binding financial agreement as easy as possible to save you significant time and money:

  • Our first consultation is free, just call us to arrange yours. During this meeting, we’ll sit down with you to understand your circumstances and how a binding financial agreement could help you.
  • Next, we’ll send a summary of your legal position and a plan to move forwards. We’ll clearly lay out your options so that you know exactly where you stand.
  • Once you give us the go ahead, we’ll create a binding financial agreement that covers all relevant financial settlement and division of property, any financial support and agreed arrangements for children if applicable.

After we create your binding financial agreement, our experienced family lawyers will be on hand for advice and support as needed.

The benefits of our binding financial agreement service

Binding financial agreements are not always enforceable in court. In fact, there have been many cases where they’ve been disregarded when they don’t comply with relevant laws and guidelines or when both parties have not received legal advice. To avoid this happening:

  • Both parties must get legal advice prior to signing the binding financial agreement.
  • The binding financial agreement must meet all relevant requirements.

It’s generally best to have an expert in family law prepare your binding financial agreement. That way, you can be sure that if there is a dispute when your relationship ends, your binding financial agreement will function as it should and protect your assets.

That’s where Testart comes in. Our team has deep experience and expertise in family law and together we’ve created hundreds of binding financial agreements. We’ll guide you through the entire process and ensure your binding financial agreement protects you as it should.

How can we help you?

FAQs

What is a binding financial agreement?

A binding financial agreement under family law, otherwise known as a prenuptial agreement or prenup, is an agreement entered into by couples intending to get married or start a de facto relationship. These agreements set out how assets, debt and financial resources are divided in the event that the marriage or relationship ends.

Should I get a binding financial agreement or prenup?

All couples should consider a binding financial agreement under family law before entering into a marriage or de facto relationship. No one starts a relationship intending for it to end, but in the event that it does, a binding financial agreement simplifies the process of dividing assets and helps couples avoid uncertainty.

It’s particularly important to consider a prenup if one partner owns a business, real estate, has extensive assets or is expecting to receive an inheritance.

Can a binding financial agreement be overturned in court?

Yes. If prenups do not comply with relevant legal guidelines or are deemed unfair they may be overturned in court.

Do I need a Melbourne prenup lawyer?

Yes. If you are entering into a binding financial agreement you need a Melbourne prenup lawyer to ensure that the document is correctly prepared and includes all relevant details. Get in touch with Testart Melbourne prenup lawyers for expert advice and help preparing your prenup.