Binding Financial Agreements in Australia – Prenups, Postnups, and Separation Agreements

Under the Family Law Act 1975 in Australia, there are several types of financial agreements that couples can enter into, depending on their relationship status and circumstances. These agreements are often referred to as Binding Financial Agreements (BFAs) and include:

1. Pre-nuptial Agreements (Section 90B): These are made before marriage and outline how assets and financial resources will be divided if the marriage ends.
2. Post-nuptial Agreements (Section 90C): These are entered into during the marriage and can address financial arrangements in case of separation or divorce.
3. Separation Agreements (Section 90D): These are made after separation but before divorce, detailing how finances and property will be managed.
4. De facto Relationship Agreements:
   • Before the relationship (Section 90UB): For couples planning to enter into a de facto relationship.
   • During the relationship (Section 90UC): For couples already in a de facto relationship who want to plan for potential separation.
   • After separation (Section 90UD): For de facto couples who have separated.

Each type of agreement has specific legal requirements, and it is mandatory to seek independent legal advice before entering into one. These agreements can cover property division, spousal maintenance, and other financial matters.

Need guidance? Joselyn Kishore at Montgomery Legal can help you find a solution and guide you!