A prenuptial agreement, or "prenup," is a legally binding financial agreement that allows couples in Victoria to set their own terms for dividing shared assets if the relationship ends. This agreement lets you opt out of the default property division laws.

To ensure the agreement is legally enforceable, it must meet specific legal requirements, including proper preparation and execution.

Not at all. Even if you don’t consider yourself "wealthy," a prenuptial agreement can protect your assets and shield you from taking on your partner’s debts. It can also help avoid the financial and emotional stress of dividing assets after a breakup.

Creating a prenup does involve legal fees, as both partners need independent legal advice. If extensive negotiations occur, costs can increase. However, professional separation services, like Simple Separation, offer fixed-fee options to streamline the process and make it more affordable.

When discussing a prenup, it’s best to bring it up early—well before marriage or moving in together. While you can create a postnuptial agreement later, early discussions help clarify financial positions and goals.

• Choose the Right Time: Find a calm moment with no distractions to start the conversation. Avoid bringing it up during an argument or stressful periods.

• Be Honest and Transparent: Share your reasons for wanting the agreement and emphasize shared financial goals.

• Reassure About Fairness: Explain that both partners are required to get independent legal advice to ensure the agreement is fair and understood.

• Seek Professional Help: Mention services like Simple Separation, which can simplify the process with fixed-price options for prenuptial or postnuptial agreements.

A prenuptial agreement in Victoria typically covers:

• Debts: Allocation of responsibility for existing and future debts.

• Investments: Division of individually or jointly held investments.

• Inheritances: Protection of any inheritances received before or during the relationship.

• Spousal Maintenance: Agreements regarding financial support after separation.

• Property Division: How assets and property will be divided if the relationship ends.

No. A Financial Agreement (prenup or postnup) can’t contain terms regarding child custody or support matters. These matters need to be handled separately.

What can be included is matters relating to the financial aspects of a relationship, such as investments, debts, inheritances, property division, and spousal maintenance.

Prenups and postnups are essentially the same thing—a Financial Agreement—but they are drawn up at different stages of a relationship. A prenup is created prior to marriage or cohabitation, and a postnup is created after marriage/cohabitation has commenced. As they are both ‘Financial Agreements’, they cover the same territory in terms of what’s included in the agreement, and the same key provisions apply.

Yes. This is called a postnup, and is also a Financial Agreement. The same financial aspects of a relationship are covered in both a prenup and a postnup, those being investments, debts, inheritances, property division, and spousal maintenance.

A prenup can save you the pain of negotiating distribution of your assets at the time of a breakup, when your relationship with your partner may be strained.

Many people also prefer to have a prenup set up, as it creates clarity around assets and finances during the relationship—both partners know where they stand and some of the uncomfortable feelings surrounding finances can be alleviated.

To start with:

Think about what assets you want to protect with a prenup.

Talk to your partner about your desire for a prenup, and see how they feel about it. Discuss your financial circumstances, and how you picture your financial future.

If you both agree to a prenup, there are two avenues you can take. These are:

Find your own lawyers (you each need individual legal advice when creating a Financial Agreement). Remember, legal fees can quickly add up, especially if multiple legal meetings, emails and phone calls take place.

Or

Work with a professional separation service, like Simple Separation, who handle your prenup/postnup for a fixed fee. We will assist you through the process of getting your documentation prepared, and will match each of you with legal assistance from our trusted pool of lawyers.

Once you have defined what assets will and will not be considered in the asset pool when parties separate, the Financial Agreement is then created, and each party must sign the agreement before a witness.

You can create a prenup prior to marriage or entering into a de facto relationship, or after you are already married/de facto (this is termed a postnup, but is essentially the same type of Financial Agreement as a prenup).You can create a prenup prior to marriage or entering into a de facto relationship, or after you are already married/de facto (this is termed a postnup, but is essentially the same type of Financial Agreement as a prenup).

Yes, prenuptial agreements are legally binding in VIC. However, they can be overturned if specific legal requirements are not properly met. For more details, see the next question.

Yes, a prenuptial or postnuptial agreement in VIC can be overturned by a court under certain circumstances. One common reason is if either party did not receive independent legal advice before signing the agreement, or if the lawyers involved failed to include a declaration confirming they provided advice on the implications of the Binding Financial Agreement. Additionally, the agreement must be properly executed, meaning it must be in writing, signed by both parties, and witnessed.

Another factor that can lead to a prenup being overturned is non-disclosure. If one or both parties fail to fully disclose their financial situation, including assets and liabilities, the agreement may be invalidated. Similarly, the court may set aside a prenup if there was any unconscionable conduct or unfairness in its creation. This includes situations where one party signed under duress, undue influence, or in a vulnerable state.

Significant changes in circumstances can also render a prenup irrelevant or unfair. Examples include having children, changes in health or employment, receiving a financial windfall such as an inheritance, or entering into a business venture. Courts in VIC carefully consider these factors to determine if the agreement remains valid and equitable.

A Financial Agreement, or prenup/postnup, protects your assets in the event of a divorce by clearly defining the ownership and division of your property, financial assets, and debts acquired before and during your marriage. It can ensure that both yours and your partner's individual assets remain your own, specifies how joint assets are to be divided, and can outline spousal support arrangements, if you wish those to be included.

By having these terms agreed upon in advance of a separation, a prenup provides clarity and security for both you and your partner, and reduces potential conflicts and legal disputes.

A sunset clause is a clause in your Financial Agreement (prenup or postnup) that stipulates that the agreement is only valid until a certain date. At that point, if you wish to continue the prenup/postnup, you can either present it to your respective lawyers again, with a request to extend the date, or change the prenup so that it continues on an indefinite basis.

Alternatively, you may wish to change terms in your agreement, in which case again, you would revise the existing prenup, with independent legal advice for each partner.