Couples who reach agreement about the financial matters between them can enter into a Financial Agreement to protect their assets. A Financial Agreement can be entered into at any stage of a relationship – either before getting married or moving in together; during a marriage or de facto relationship; or following separation.
What is a Financial Agreement?
A Financial Agreement is effectively a contract providing for the division of property and any arrangements for spousal support, in the event of a relationship breakdown. To ensure a Financial Agreement is enforceable by a Court, a Financial Agreement must comply with the steps set out in the Family Law Act.
What is the effect of entering into a Financial Agreement?
Parties entering into a Financial Agreement are waiving their right to make a property or spousal support claim with the Court, under the Family Law Act. A Financial Agreement which complies with the requirements of the Act can only be set aside in limited circumstances.
What are the benefits of entering into a Financial Agreement?
A Financial Agreement gives parties control over their finances and avoids the expense, uncertainty and worry of Court proceedings in the event of separation. A Financial Agreement may enable one or both parties to preserve certain assets for the future benefit of their children.
How do I enter into a Binding Financial Agreement?
You must obtain independent legal advice to enter into a Financial Agreement. A Financial Agreement must be drafted to meet your specific needs.