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The idea of a “pre-nup” has traditionally been considered a romance killer, a reflection of a lack of commitment by at least one of the parties to a marriage, or subject to the Hollywood stereotype of a rich old man marrying a gold-digger. In Australia the “pre-nup” is called a “Binding Financial Agreement”.  The  amendments to the Family Law Act 1975 extend Binding Financial Agreements to those in a de facto relationship. Increasingly in Australia traditional perceptions are giving way to the acknowledgement that a Binding Financial Agreement is a practical solution to the reality of the statistics regarding the number of marriages that end in divorce.  More than that, a Binding Financial Agreement accommodates the complexities arising in blended families where people are entering into their second and subsequent relationships with property from their previous relationships. Coping with the emotional pain, stress and turmoil of a relationship breakdown can be made…

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Financial Agreements (aka ‘Binding Financial Agreements’, ‘BFAs’ or ‘pre-nups’ as they are often referred to by the public) are Agreements which set out what is to happen in relation to property settlement and/or spousal maintenance in the event of a relationship breakdown. Couples, including those who intend to be married; are currently married; intend to be in a de facto relationship (including same sex partners); are currently in a de facto relationship; are separated; or even divorced are all able to enter into Financial Agreements. A Financial Agreement basically acts as an insurance policy. It can give you piece of mind so that you know that if something does go wrong and there is a separation, both parties are clear on what is to happen. We find that when parties enter into Financial Agreements, it can actually strengthen a relationship because it reduces the stress on the parties (and the…

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The idea of a “pre-nup” has traditionally been considered a romance killer, a reflection of a lack of commitment by at least one of the parties to a marriage, or subject to the Hollywood stereotype of a rich old man marrying a gold-digger. In Australia the “pre-nup” is called a “Binding Financial Agreement”.  The  amendments to the Family Law Act 1975 extend Binding Financial Agreements to those in a de facto relationship. Increasingly in Australia traditional perceptions are giving way to the acknowledgement that a Binding Financial Agreement is a practical solution to the reality of the statistics regarding the number of marriages that end in divorce.  More than that, a Binding Financial Agreement accommodates the complexities arising in blended families where people are entering into their second and subsequent relationships with property from their previous relationships. Coping with the emotional pain, stress and turmoil of a relationship breakdown can be made…

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