A prenuptial agreement (prenup) is a binding financial agreement that outlines how your assets and debts may be split in the event of future separation.
Obtaining a BFA before marriage (e.g a Prenup) can be more difficult to organise than a standard BFA . You’re essentially planning for the rest of your life. If you’re anticipating having kids, or starting a business for example, you have to plan for those things in the BFA.
Benefits of a Prenup
There are still benefits to entering into a prenuptial agreement. You can agree to protect significant assets that you currently have, e.g substantial assets (like a solely owned property), assets from a previous relationship or marriage that you wish to maintain by yourself. So, the prenup agreement can secure separate assets, and also potentially outline how future or joint assets may be divided.
Can the prenup be reviewed later?
Yes! Any existing agreement can be set aside by a new agreement. It is advisable to review a prenuptial agreement every 3 or so years to see if it can still be valid. We can help review agreements, and help you enter into a new one to override with similar or advancing terms.
Not Sure What To Do Next?Free Discussion
The family law team at MKI Legal can assist you with any questions about your family law matter, separation, splitting your assets or your children. We can help you make the right decision on what to do next.