‘Prenuptial Agreement’ is the colloquial term for a type of Binding Financial Agreement that is entered into between couples who are either anticipating living together, are currently living together, and/or are anticipating getting married. Couples can even enter into a Prenuptial Binding Financial Agreement after they are married.
Prenuptial Binding Financial Agreements set out how the assets and liabilities of the parties will be divided in the event that they separate at some time in the future. In the event of a separation, the terms of the Binding Financial Agreement constitute the parties’ family law property settlement, and neither party can take the other to the Family Court seeking anything further.