Things to consider for your Prenup
There are several provisions you should keep in mind when meeting with your lawyer to discuss what to include in a BFA.
Some provisions include:
- A list of the property, assets, resources and liabilities you each own at the start of the relationship, together with their value
- What you want to happen to your separate property, assets, resources and liabilities during the course of the relationship
- How property, assets, resources and liabilities will be divided if the relationship breaks down
- The effect of children on the provisions of the agreement, such as their impact on division of property
- Whether wages or income will be combined or separate
- Who pays for the rent or mortgage, and, if both, whether this is equally divided
- What will happen if one party becomes unable to pay their share of the rent of mortgage
- The effect of one party becoming a stay at home parent or working part-time, and how this will affect access to income
- Whether spousal maintenance will be payable if the relationship breaks down
The provisions in a BFA are unique to each couple and dependent upon their financial circumstances.
A prenup is an agreement between de facto or soon to be married couples. If the agreement is made according to law, the correct legal term is a Binding Financial Agreement (BFA).
This BFA constitutes a Contract between the couple to the relationship.
There are different types of BFA’s depending on what stage of a relationship you are in. Please contact us if you would like more information about this.