The Family Law Act 1975 provides for parties to a marriage or de facto relationship in Perth and Australia to enter into a binding legal agreement called a Binding Financial Agreement (a prenuptial agreement).
A Binding Financial Agreement (colloquially known as a Prenuptial Agreement, Cohabitation Agreement or Separation Agreement) can be made and entered into by couples before, during or after a marriage or de facto relationship.
Under the Family Law Act, a Binding Financial Agreement may address the division of assets, property settlement, entitlements to financial resources, superannuation splitting (for married couples in WA only) and spousal maintenance. The benefit of entering into a Binding Financial Agreement is that it provides you with certainty, the ability to protect assets and financial resources following a relationship breakdown. A Binding Financial Agreement may also help avoid expensive and time consuming proceedings in the Family Court of Western Australia following separation.
For a Binding Financial Agreement to be binding, the parties must have each had independent advice from a legal practitioner about the effect of the Binding Financial Agreement upon their rights and the advantages and disadvantages of making the Binding Financial Agreement, and a certificate to this effect must be contained in the Binding Financial Agreement.
Lavan’s team of Family Law lawyers can assist our clients to prepare and review a Binding Financial Agreement and ensure due process is followed.
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