A pre-nuptial agreement is a common phrase used for a financial agreement before marriage or entering into a de facto relationship. It essentially covers how, in the event of a marriage breakdown, all or any of the property or financial resources of either or both parties is to be dealt with. It can also cover the maintenance of either party during the marriage and/or after the dissolution of marriage. It is important to note that whilst this would be considered a binding financial agreement (subject to all conditions being met), there is no guarantee that a binding agreement will not be set aside by a Family court should a spouse challenge this at a later date. Typically the main grounds to set aside would be instances of either party failing to disclose assets/business interests and if there is a material change in circumstances that relate to the care, welfare and development of a child of the marriage – resulting in the party responsible for the child suffering hardship.
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