A fundamental feature of property division and spouse maintenance court proceedings under the Family Law Act is the requirement for each person to make full and frank disclosure of their whole financial position to each other and to the Court.
A recent decision of the Federal Magistrate’s Court demonstrates the problems caused by signing a “Pre-Nup” on the eve of the wedding and highlights the requirements of full financial disclosure before the Agreement is signed.
All couples can protect their assets and avoid unnecessary legal disputes by entering into a Binding Financial Agreement before or during a relationship.
Recently the Family Law Act was amended so that people living in de facto relationships now have exactly the same property settlement and spousal maintenance entitlements as married couples. Heterosexual and same-sex de facto matters will be handled by the Family Court and Federal Magistrate’s Court.