What can I put in a Prenup?

A prenup is an agreement between de facto, soon to be married or already married couples, made before, during or after the duration of the relationship.

 

You can include the division of the couple’s assets, financial resources and liabilities after separation.

 

If the agreement is made according to law, the correct legal term is a Binding Financial Agreement (BFA).

 

This BFA constitutes a Contract between the couple to the relationship.

What can I include in a prenup?

There are several provisions you should keep in mind when meeting with your lawyer to discuss what to include in a BFA.

 

Some provisions include:

 

  • A list of the property, assets, resources and liabilities you each own at the start of the relationship, together with their value
  • What you want to happen to your separate property, assets, resources and liabilities during the course of the relationship
  • How property, assets, resources and liabilities will be divided if the relationship breaks down
  • The effect of children on the provisions of the agreement, such as their impact on division of property
  • Whether wages or income will be combined or separate
  • Who pays for the rent or mortgage, and, if both, whether this is equally divided
  • What will happen if one party becomes unable to pay their share of the rent of mortgage
  • The effect of one party becoming a stay at home parent or working part-time, and how this will affect access to income
  • Whether spousal maintenance will be payable if the relationship breaks down

 

The provisions in a BFA are unique to each couple and dependent upon their financial circumstances.

 

What can I include in a prenup. This will be a discussion

How should I discuss with my partner what provisions I wish to include in our Prenup?

Discussion of what to include in a BFA will require open and honest communication between yourself and your partner. Although BFA’s can be entered into after you and your partner have already separated or divorced, it is often easier to discuss what you want in a BFA whilst the relationship is still happy and you and your partner are together.

 

Some issues you should bring up with your partner are their current financial contribution to the relationship and whether this is likely to change due to factors such as existing or future children, illness, injury, dismissal or retirement.