The Cheap Prenuptial Agreement template is designed for couples in Australia who want to establish clear financial arrangements before marriage while minimizing legal costs. This document, while more affordable than traditional comprehensive prenuptial agreements, still maintains compliance with the Family Law Act 1975 and includes all legally required elements. It's particularly suitable for couples with straightforward financial situations who want basic protection of existing assets and clear guidelines for potential separation. The agreement covers essential elements such as property division, financial maintenance, and separation arrangements, while allowing for customization through optional clauses. It requires independent legal advice for both parties as mandated by Australian law but streamlines other aspects to keep costs manageable. This template is most effectively used when both parties have relatively simple asset structures and are in general agreement about their financial arrangements.
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1. Parties: Identifies the two parties entering into the agreement with their full legal names and current addresses
2. Background: States the intention to marry, confirms the voluntary nature of the agreement, and acknowledges the purpose of protecting existing assets
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Financial Resources', 'Separation', etc
4. Independent Legal Advice: Acknowledgment that both parties have received independent legal advice, with space for lawyer certificates to be attached
5. Separate Property: Details how existing property owned by each party will remain their separate property
6. Joint Property: Establishes how property acquired jointly during the marriage will be treated
7. Financial Maintenance: States whether either party waives rights to spousal maintenance
8. Termination Events: Specifies circumstances under which the agreement terminates
9. Governing Law: Confirms the agreement is governed by Australian law and the Family Law Act 1975
10. Severability: States that if any provision is invalid, the remainder of the agreement remains in effect
11. Execution: Formal signing section with space for signatures, witnesses, and dates
1. Future Business Interests: Section protecting future business interests and intellectual property, recommended when either party owns or plans to start a business
2. Inheritance and Gifts: Special provisions for inherited assets or expected inheritances, used when significant inheritance is anticipated
3. Children's Provisions: General statements about financial arrangements for future children, optional but recommended when parties want to address this
4. Debt Management: Specific provisions about handling existing or future debts, important when either party has significant debt
5. Superannuation: Detailed treatment of superannuation interests, recommended when either party has substantial superannuation assets
6. International Assets: Special provisions for overseas assets, necessary when either party has foreign property or investments
7. Review Mechanism: Provisions for reviewing and potentially updating the agreement after specific periods or events
1. Schedule A - Party 1's Assets and Liabilities: Detailed list of all assets and liabilities owned by Party 1 at the time of the agreement
2. Schedule B - Party 2's Assets and Liabilities: Detailed list of all assets and liabilities owned by Party 2 at the time of the agreement
3. Schedule C - Certificates of Independent Legal Advice: Signed certificates from each party's lawyer confirming independent legal advice was provided
4. Schedule D - Financial Disclosure Statements: Detailed financial disclosure from both parties including income, assets, and liabilities
5. Appendix 1 - Valuation Reports: Optional appendix containing any relevant valuation reports for significant assets
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