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Section 90B of the Family Law Act 1975 refers to Financial Agreements before Marriage. Commonly known as a prenup, they are most commonly used to protect the assets of the wealthier party in the event of a marriage break down.
Contrary to popular opinion, prenuptial agreements are not just for the rich and famous. Increasing numbers of less famous couples are opting for written prenup agreements to protect the financial assets each partner brings to the relationship.
A Financial Agreement is the method Parliament has set up for you to protect the assets you take into a marriage by predetermining how those assets should be dealt with, if the marriage fails.
A Prenuptial Financial Agreement made under section 90B is a substitute for court action and means that before marriage the parties have negotiated a settlement of their family issues should the marriage end. This means that, at least insofar as they concern money and possibly child maintenance issues, the couple has resolved its issues in advance without needing the court to impose a solution.
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