A prenuptial agreement, known as a Financial Agreement or BFA can be made prior to marriage or prior to entering into a de facto relationship.
The agreement is a written contract that sets out how assets and money will be divided if the relationship ends.
These types of agreements are common between people who own assets prior to the relationship and wish to keep those assets separate to their partner’s.
During the relationship
As well as a prenuptial agreement, there is also scope to make a financial agreement during the relationship.
Such an agreement can provide for how superannuation, inheritances or gifts received during the relationship are split if the relationship ends.
Wills and Marriage
In general terms, when you get married your old Will becomes invalid.
You can make a Will before you get married (in contemplation of marriage), such a Will would still be valid after the date of marriage.
Many people draft Wills in contemplation of marriage when they have children from a previous relationship and want those children to inherit their assets when they die.
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