Prenuptial agreements, also known as prenups, are becoming increasingly popular in Australia. A prenup is a legal agreement that a couple signs before getting married, outlining how their assets, debts and other financial aspects will be divided in the event of a divorce or separation. But what does Australian law have to say about prenuptial agreements?

In Australia, prenuptial agreements are not legally binding. This means that a court can overturn a prenup if it is deemed unfair or unreasonable. However, prenups can still be useful as evidence in court when it comes to dividing assets and debts. In some cases, a prenup can help expedite the divorce process by providing a clear framework for dividing assets.

It’s also important to note that prenups are not just for the wealthy. Anyone with assets, including property, investments or even superannuation, can benefit from a prenup. This is especially true for those who have children from previous relationships and want to ensure that their children are provided for.

To be legally valid, a prenup must meet certain requirements. First, both parties must obtain independent legal advice before signing the agreement. This means that each party must have their own lawyer who reviews the agreement and explains its implications. Second, the agreement must be in writing and signed by both parties. Finally, the agreement must be entered into voluntarily and without coercion or fraud.

It’s important to note that prenups cannot include provisions relating to child custody or child support. These issues are dealt with separately in family court and cannot be predetermined in a prenup.

Overall, while prenuptial agreements are not legally binding in Australia, they can still be a useful tool for couples who want to plan for their financial future and protect their assets in the event of a divorce or separation. If you’re considering a prenup, it’s important to seek independent legal advice and ensure that the agreement meets all legal requirements.