No Comments

The changing stigma associated with signing a prenuptial agreement

The idea of a binding financial agreement, commonly known as a prenuptial agreement has traditionally been associated with a negative and unromantic stigma; often automatically suggesting that the individual seeking the prenup is already having doubts about the relationship.

This stigma however is dwindling away with more millennial couples now seeing the positive side to prenuptial agreements. Statistics have illustrated a rise over the past two decades of the median age of couples marrying for the first time.  More individuals are now entering into relationships with existing assets including real estate and established businesses. Prenuptial agreements are more often being viewed by such individuals as analogous to buying insurance. No one buys insurance with the intention of crashing their car or having their home robbed, they purchase it for peace of mind just in case it happens. Likewise, parties don’t get married and enter a prenuptial agreement with a plan to get divorced; it is just insurance in the event that things don’t go to plan.

Continue reading…

No Comments

Divorce Lawyer Parramatta explains the Requirements for a Binding Prenuptial Agreement

Why it is important to speak to a divorce lawyer Parramatta

When formulating a Binding Financial Agreement, commonly known as a prenuptial agreement,  there is no requirement for Court approval and only independent legal advice is necessary in the execution of the prenuptial agreement. It is advised that you speak to a specialist divorce lawyer Parramatta who is well informed of the particular compliance criteria for a binding agreement to be formed.

Prenuptial agreements are very complicated and require strict compliance with legislation for the agreement to be valid. Appropriate legal advice from a divorce lawyer Parramatta is vital, as in the event that parties do separate and wish to enforce the agreement, the Court has the power to set it aside as invalid and unenforceable if it was not properly executed in accordance with certain criteria.

Requirements

A prenuptial agreement is binding on the parties to the Agreement if, and only if:

  1. The prenuptial agreement is signed by both parties.
  2. Continue reading…

No Comments

Wedding bells and preparations may be underway, but do you know the law if things don’t work out the way you planned? A Marriage Lawyer can help.

Have you thought about what could happen if you separate down the track but you aren’t sure whether to raise this with your partner or whether you should get advice from a professional?

Getting married is a special and exciting time for both parties. The lead up is usually filled with planning the wedding and making decisions about your future together. Naturally, separation and divorce may be the last thing on your mind during this time.

Should I speak with a Marriage Lawyer?

Ask yourself:

  • Are you thinking about getting married?
  • Thinking about speaking with a Marriage Lawyer?
  • Do you have assets you wish to protect?
  • Want to understand what may happen if you separate down the track?

If the answer is yes, then you can make enquiries by speaking with a Marriage Lawyer.

Why should I speak with a Marriage Lawyer?

It is useful to know where you stand before making one of the biggest decisions in your personal life.

Continue reading…

No Comments

Binding Financial Agreements

What is a prenuptial agreement?

Binding Financial Agreements (BFAs) as they are known in Australia are made before marriage and are designed to protect your assets. If such an agreement is entered into, it may exclude assets in the agreement from the asset pool of both spouses, provided that the agreement has been drafted correctly.

Who should get a Binding Financial Agreement?

A BFA can be made by couples before they get married. They are particularly useful in second marriages, where both spouses have children from previous relationships. Spouses may wish to enter into these agreements to ensure that certain assets brought to the second marriage will pass to their children of a previous relationship. A BFA is also useful in cases where one spouse has considerably more assets than their partner (including businesses, farms, inheritance, gift, lottery wins or other financial assets they want to keep if the relationship should fail). BFAs are complex and can in some circumstances be successfully challenged in Court. We can assist in identifying whether the option is best for your family circumstances.

Continue reading…

No Comments

Prenuptial Agreement

More frequently spouses who propose to enter into a De facto Relationships or intend to marry are wishing to minimise conflict in the event that despite their best efforts, the relationship might not work out. Since 2002 in relation to married couples and 2009 in relation to De facto and same sex couples; the legislation has provided parties with a mechanism whereby they can enter into a binding financial agreement / prenuptial agreement which will govern the separation of their finances in the event that the relationship should break down.

There are certain requirements that must be followed to ensure that such agreements are binding.

The requirements include:

(a) That each party must be independently legally advised.

(b) The Agreement needs to identify the relevant legislative section that is relying upon.

(c) The Agreement needs to comply with the Family Law Act in terms of the specifics of what is being released and on what terms.

The court has a limited ability to rectify a defective agreement, however on the whole, if those legal requirements are not met, the parties can enter into an agreement but it may not be binding.

Continue reading…

No Comments

Why you need to speak to a family law lawyer when thinking about a Prenuptial Agreement

At Matthews Folbigg Lawyers we work closely with our clients to ensure they are well aware of their entitlements when undertaking a property settlement. Matthews Folbigg family law specialists regularly provide professional advice to clients about how to protect their assets in the event their marriage or relationship breaks down, by entering into a prenuptial agreement.

Our lawyers have extensive experience in drafting prenuptial agreements.

Why you need to seek advice from a family law lawyer about obtaining a prenuptial agreement?

Prenuptial agreements are very complicated and require strict compliance with the legislation for the prenuptial agreement to be valid. A prenuptial agreement is binding on the parties to the Agreement if, and only if:

  • The prenuptial agreement is signed by both parties;
  • Before the agreement is signed, each party is provided with independent legal advice from a legal practitioner as to the following matters:
No Comments

The Sydney Property Market – How Family Law Lawyers deal with this?

In Blackwell & Scott (2017), the Full Court considered whether the Trial Judge had made an error by setting aside consent orders that were entered into by the parties.

These property consent orders were made; which were to an equal division. In order to give effect to this equal division of property, the parties negotiated and entered into consent orders that provided for (in summary):

  1. a property held in the husband’s sole name be sold and the parties were to share equally in any proceeds of sale exceeding $440,000;
  2. pending the sale, the husband will be responsible for the mortgage payments, outgoings and other expenses;
  3. that the husband retain a second property also held in his sole name and on the payment by him to the wife of $130,000 within 90 days of the orders, the wife shall relinquish any right, title and interest in this property; and

The husband breached the consent orders and did not make the $130,000 payment that he was required to make to the wife within 90 days.
Continue reading…

No Comments

Prenuptial Agreement upheld on Appeal – De Facto Relationship with one woman while married to another

In the recent decision of Sha & Cham [2017], the Full Court of the Family Court of Australia considered an appeal by the Appellant Husband (who we will call Mr B) and the Respondent De Facto Wife (who we will call Ms C).

Background

The appeal arose from the first instance decision of His Honour Judge Johnston in proceedings before the Family Court of Australia. In those proceedings Ms C bought an application seeking injunctive orders and enforcement of a s90UC Binding Financial Agreement, more commonly referred to as a prenuptial agreement which She and Mr B had entered during the course of their relationship.

Judge Johnston found that the parties were in a de facto relationship. As such, Ms C was successful in the Family Court.

The Facts

Mr B married Mrs B.

Mr B meets Ms C in a massage parlour and they commence a sexual relationship that evening.

Mr B continues to live and be married to Mrs B.
Continue reading…