Binding financial agreements allow couples to set out how financial matters will be managed during a relationship or if circumstances change in the future. Clear agreements can provide certainty, reduce uncertainty, and support informed financial planning.
We help:
Clarify financial expectations and intentions between partners
Reduce uncertainty about how financial matters will be addressed if circumstances change
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Raising the idea of a binding financial agreement can feel sensitive. Conversations about money, assets, and future possibilities are personal, and it is common to be unsure how these discussions may affect a relationship.
You may be entering a new relationship, remarrying, or bringing different financial positions into a partnership. You may simply want clarity and reassurance so both parties feel aligned moving forward.
We understand the importance of handling these matters with care. We help you approach binding financial agreements in a calm and considered way, so arrangements are clear and support confidence for the future.
Our Services Include
Preparing binding financial agreements for couples at different stages of a relationship
Advising on financial expectations, contributions, and future planning
Supporting discussions around assets, liabilities, and financial arrangements
Reviewing existing binding financial agreements
Assisting with updates where circumstances have changed
Providing a clear and structured process for documenting agreed arrangements
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Book Meeting Fill in the contact form below or call our office to book an initial consult. You can choose between an in-person or video conference.
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Couples may enter into a prenuptial agreement, known in Australia as a Binding Financial Agreement, before, during or after entering a marriage or de facto relationship to determine how assets, financial resources and liabilities will be divided if the relationship ends.
A Binding Financial Agreement will only be legally binding if certain legal requirements are met:
It’s put in writing; a verbal agreement doesn’t suffice.
The agreement must be signed voluntarily and without fraud, duress, undue influence or unconscionable conduct.
Each party should provide full and frank disclosure of their financial circumstances, as non-disclosure may increase the risk of the agreement being set aside.
Each party must obtain independent legal advice before signing, and their respective lawyers must provide signed statements confirming that advice was given.
A Binding Financial Agreement remains in effect unless terminated, replaced by another agreement, or set aside by a court under limited circumstances.
The content of a Binding Financial Agreement commonly includes:
The personal details of each party.
What will happen to assets and liabilities if the relationship ends?
Provisions restricting the disposal of certain assets or dealing with future financial arrangements
In some cases, provisions dealing with financial matters if one party dies, although separate estate planning documents are usually still required.
It is not a legal requirement to obtain a Binding Financial Agreement before entering into a marriage. You and your partner should decide whether or not you want to go ahead and create a Binding Financial Agreement. Some people worry about the effect it’ll have on their relationship, and others may be unsure about whether it’s worth the process. Our Binding Financial Agreement lawyers in Melbourne can guide you through the process and advise you so you can make an informed choice.
Why Should My Partner and I Create a Binding Financial Agreement?
There are a number of reasons why you may consider putting together a Binding Financial Agreement. The benefits can include:
It may reduce uncertainty and potential conflict if the relationship later ends, because financial arrangements have already been agreed upon.
The chance to have important discussions about the future before getting married. These discussions can help ensure that the couple is on the same page and both people are going into marriage with their eyes wide open.
As you’ll need legal advice, you will better understand what your obligations are before you enter into marriage, which may reduce uncertainty if the relationship later breaks down.
It encourages open discussions about financial expectations and asset ownership before or during a relationship.
Because independent legal advice is required, each party receives clear advice about their rights, obligations and the effect of the agreement before signing.
What Help Can We Expect from Velocity Legal’s Binding Financial Agreement Lawyers in Melbourne?
The Family Law Act 1975 (Cth) requires that each party obtain independent legal advice for a Binding Financial Agreement to be legally binding. Our Binding Financial Agreement lawyers can offer the following services:
Advice on how to help protect your assets and manage financial risk in the event of a divorce or separation.
Drafting the agreement itself or reviewing a proposed agreement, to help ensure it complies with the requirements of the Family Law Act.
Providing the required independent legal advice and a signed certificate.
Negotiating terms with the other party or their legal representative.
Representing clients if an agreement is challenged or related family law proceedings arise.
Advising on whether a Binding Financial Agreement is appropriate in your circumstances.
Even if you decide not to proceed with a Binding Financial Agreement, it’s useful to still have a discussion with our Binding Financial Agreement lawyers at Velocity Legal to help you understand your financial position and options. Contact us today for more details. Read Less
Frequently Asked Questions
What is a binding financial agreement?
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A binding financial agreement is a written agreement made under Australian family law that sets out how financial matters are to be dealt with during a relationship or if it ends. These agreements are sometimes referred to as “prenups” or "prenuptial agreements", but the correct legal term in Australia is binding financial agreement.
When do people usually consider a binding financial agreement?
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Binding financial agreements are commonly considered before marriage, before or during a de facto relationship, or when significant financial or life changes are planned. They are often used as a proactive planning tool rather than in response to conflict.
Can a binding financial agreement help reduce uncertainty?
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Yes. Many people choose to put an agreement in place to create clarity and reassurance. Documenting expectations in advance can help reduce uncertainty if circumstances change later on.
Are binding financial agreements only relevant for high-value assets?
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No. Binding financial agreements are used by people in a wide range of financial circumstances. They focus on clarity and mutual understanding, not just asset value.
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You don’t have to figure this out alone. Book an initial consult with our expert legal team and get clear answers about your situation.
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