In Australia, a couple considering marriage may seek to protect their financial interests by entering into a financial agreement, commonly known as a 'pre-nup'. Parties can enter into a Binding Financial Agreement during cohabitation, prior to marriage or after they have married or commenced living together. The Binding Financial Agreement sets out the division of property in the event of separation and can also deal with spousal maintenance in the event of separation.There are strict legal requirements which must be met for the agreement to be binding and each party must obtain legal advice.A financial agreement will be binding on the parties to the agreement if, and only if: (a) the agreement is signed by all parties; and (b) before signing the agreement, each spouse party was provided with independent legal advice from a legal practitioner about the effect of the agreement on the rights of that party and about the advantages and disadvantages, at the time that t...