Six types of prenuptial agreements in Australia
On 1 March 2009 the previously state based de facto laws in NSW were transferred to the Federal jurisdiction. This has brought changes to defacto agreements (often referred to cohabitation agreements). Changes have been made to the Family Law Act 1975 (CTH) in respect to de facto property and financial matters in the Family Court of Australia and the Federal Magistrates Court. These changes included expanded definitions of “matrimonial causes”.
De Facto Financial Agreement
There are now six types of “financial agreements” also called “binding financial agreements” that can be drafted. The most commonly known is a prenuptial agreement or prenup.
- Financial agreement in anticipation of marriage (prenuptial agreement)
- Financial agreement made during a marriage – this may be during a marriage and before or after separation
- Financial agreement made after an order for divorce.
- Financial agreement in anticipation of entering into a de facto relationship
- Financial agreement made during a de facto relationship
- Financial agreement made after the de facto relationship has ended.
Comment from Mark Streeter – Sydney family law lawyer
There are slightly different requirements in the legislation for each type of financial agreement. As part of the “family law legislation” the requirements for de facto financial agreements must also comply with the obligation that each party provide full and frank disclosure to one another in respect of their financial interests and resources.
Other articles on prenuptial agreements
Independent legal advice required for prenuptial agreements
Prenuptial agreements
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Case – Husband’s fraud undermines binding financial agreement
