Prenup Lawyers Brisbane
A prenuptial agreement is entered into before marriage when couples want to protect their assets. An agreement efficiently ‘quarantines assets’ by opting out of the Family Court jurisdiction. Due to their powerful nature, prenuptial agreements must meet many technical and legal requirements before it is considered valid.
What is a prenuptial agreement?
Prenuptial agreements, often referred to as financial agreements, are a legally binding document that couples enter into before marriage to protect their assets. This type of legal document, also known as a binding financial agreement, allows couples to opt out of the Family Court jurisdiction concerning financial matters such as property settlement, child support and spousal maintenance. You can also enter a binding financial agreement when you enter into a new de facto relationship.
The agreement is governed by the Family Law Act, which sets out the strict legal and technical requirements that must be met for it to be legally binding. By clearly defining the distribution of assets and financial responsibilities, a prenuptial agreement aims to prevent disputes and ensure a fair outcome in the event of a separation. For the agreement to be legally binding, it must comply with the Family Law Act, including each party receiving independent legal advice.
When is a prenuptial agreement appropriate?
Many prenuptial agreements have been and can be overturned by the courts for various reasons. These reasons might include, unequal bargaining power (for, eg when one party has a significant amount of resources compared to the other), coercion or the agreement is no longer practicable, there are many other times when an agreement isn’t appropriate. Thus it is essential to seek legal advice about the likelihood of an agreement being valid based on your specific situation.
Additionally, it can be a costly process because both parties will need to seek independent legal advice for an agreement to be considered valid by the courts and even then it might not be upheld. These factors need to be weighed up before going ahead with a prenuptial agreement in order to protect the best interests of both parties involved.
Prenuptial Legal Advice
Our prenup lawyers can draft a prenuptial agreement for you or advise you on the effect of a pre-written agreement. Your prenup lawyer will inform you of both the advantages and disadvantages of entering into a prenuptial agreement based on your circumstances. This family law matter advice includes whether or not you should enter into a prenuptial agreement, what the purpose of the agreement and if any amendments are required.
We do our best to advise you so you can make an informed decision before entering into a prenuptial agreement.
Costs of a prenuptial agreement
Due to the technical nature and strict requirements, in most cases, the cost of a prenuptial agreement can be in the thousands. It is for this reason; you get proper legal advice about the actual effect of the prenuptial agreement, and it’s likelihood to survive a challenge.
Benefits of a prenuptial agreement
- Opting out of the Family Court jurisdiction on property and spousal maintenance matters
- Assists in protecting assets from new partner
- Ability to protect assets for children from a previous relationship
This list is not exhaustive; you should seek help from a family lawyer or independent legal advice specific to your circumstances.
Disadvantages of a prenuptial agreement
- No requirement for it to be fair
- Intangible contributions aren’t included
- May need to be frequently updated if circumstances change
This list is not exhaustive; you should seek family law services or independent legal advice specific to your circumstances.
Need Advice? Get in Touch with Cudmore Legal
For trusted legal advice on prenuptial agreements, contact Cudmore Legal today. Our experienced lawyers are here to guide you through the process and ensure your interests are protected.