What is a Prenup?

What Is A Prenup?

‘Prenup’ is a shortened word for ‘prenuptial’.

 

The definition for prenuptial is – before marriage. Therefore, a simple definition for a prenuptial agreement is – an agreement you make before marriage.

 

Prenuptial agreements are becoming more popular for a whole range of reasons. One of them is that people today are more sceptical about the length of their marriages. With an increasing divorce rate, couples are wary of the possibility that they may have long and expensive legal disputes in the future.

 

Another reason is that people are generally marrying later in their lives, choosing to focus on their careers and accumulate assets before they settle down. By the time they do marry, the parties may have a portfolio of property that they would like to protect. Prenuptial agreements make this easy to do.

 

One of the biggest dilemmas in a divorce is deciding how to divide property and assets. Many prenuptial agreements are entered into to make this process a lot simpler. They also do not want any interference from the courts, and would rather determine their own future. Sacrificing a few minutes to plan ahead, has the potential to save headaches and financial difficulties in the long run.

Who can enter into a prenup?

Couples at any stage of their relationship can enter into such an Agreement. Heterosexual or homosexual (de facto) couples can both enter into a BFA. The types of Agreements and their relevant sections are the same for opposite or same-sex couples.

 

Both parties intending to enter into a BFA must ordinarily reside in Australia. Each party must also get Independent Legal Advice from different lawyers working in different law firms. The lawyers must also sign a Certificate confirming that the advice, as required by the Family Law Act 1975 (Cth) was given to their client before their client signed the Agreement.

 

You cannot enter into a BFA if you are already in a valid BFA with another person. For example, you wouldn’t be able to enter into a BFA with a mistress if you already have a BFA with your wife.

Divorce
How To Get A Divorce?
Application for Divorce
How much does a divorce cost?
How Long Will It Take For My Divorce To Be Finalised?
Do I Have To Attend Court To Get A Divorce?
What is a Divorce Hearing?
How to get a divorce in Australia if married overseas?
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Should I Change my Will After a Divorce?
Child Custody
What are the best interests of the child?
Where Will My Children Live?
What is equal shared parental responsibility in Australia?
Sole Parental Responsibility
Visitation Rights
Changing A Child Custody Agreement
Child Relocation After Divorce
How To Prevent My Child Going Overseas?
What is Supervised Contact?
Child Passport After Divorce
Property Settlement
How Much Will I get?
Will I Receive 50% of Everything?
Coming To An Agreement Outside Of Court
Do I Pay Stamp Duty To Transfer My Property After A Divorce?
Financial Agreements
What is a Prenup?
What Can I Put In A Prenup?
Is It Too Late For A Prenup?
What Are The Pros and Cons of Financial Agreements?
What Financial Agreements Are There?
How Do I Make Sure My Agreement Is Binding?
How Can I Get A Prenup Set Aside?
Consent Orders
Why do I need Family Court Consent Orders?
Application for Consent Orders
Breach of Consent Orders
Child Support
What is Child Support?
Apply for Child Support
Child Support Calculation
Changing Child Support
Family Mediation
5 Tips to Help Prepare for Family Mediation
What is a s60i Certificate?
Going to Court
Starting An Application
Filing A Response
Separation
Can You Be Separated And Live In The Same House?
Domestic Violence
ADVO – Apprehended Domestic Violence Order
Remove My ADVO
What Is Child Abuse?
Father's Rights After Separation
Formalise Your Agreement
Tip's For Fathers
De Facto Relationships
Definition of De Facto Relationship
Rights in a de facto relationship
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