Jodylee Bartal, an accredited specialist in family law and a principal solicitor at Melbourne firm KHQ Lawyers, says BFAs are growing in popularity among women.
They set out how assets will be split in the event of a relationship breakdown, allowing couples to sidestep a costly and time-consuming court process.
The contracts may be struck at any time before or during a marriage or de facto relationship, or after it sours. Both parties must have independent legal advice before signing.
Wealthy older men seeking to protect their assets from younger new partners were among the first to embrace BFAs, triggering a flurry of litigation in Australia over the validity of agreements forged under pressure.
Financially secure younger women are also more likely to ask a partner to sign an agreement, reflecting “advancements we’ve made as a community in terms of gender equality”.
In 2017, the High Court struck down an agreement between a wealthy Australian property developer and his younger wife on the grounds of unconscionable conduct. The court said he met her on “a website for potential brides” when he was 67 and she was 36.
Sinclair says there has been less litigation involving BFAs in recent years because the courts have provided clear guidance.
His main concern with younger couples is that “you don’t have a crystal ball” and it might be unwise to reduce everything to a contract. Sinclair says it makes more sense to “quarantine” specific assets brought into the relationship rather than trying to cover every future eventuality.
Source: The rise of the prenup: Why more Australian women are protecting their assets from younger partners