What is a Binding Financial Agreement?

Formerly known as a pre-nuptial agreement or pre-nup, a Binding Financial Agreement is a legal agreement setting out intentions as to division of property and other financial issues in the event of the breakdown of a relationship or marriage.

When can you get one?

You can have an Agreement prepared prior to commencement of, during or after the breakdown of the relationship or marriage.

Are they legally binding?

Yes, If you and your partner enter into a Financial Agreement and later separate, your assets will be divided as set out in your Financial Agreement. However, for the Financial Agreement to be binding, strict legal requirements must be met, including a requirement that each party obtains their own independent legal advice.

Can a Binding Financial Agreement be set aside by the Court?

In some circumstances it can. These include one or both parties not receiving legal advice prior to signing, some assets not being disclosed in the agreement, if the circumstances changed to the point that the agreement is no longer relevant or if there was duress or pressure put on a party to sign the agreement.