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Posted by: Fiona Browne, Associate
The Family Law Act allows for parties who are in a marriage or de facto relationship to enter into a financial agreement in order to manage their finances during or after the relationship ends. A Binding Financial Agreement (also known as pre or post nuptial agreements) allows you to determine the division of your assets, liabilities and property, whether entered before, during or after your marriage or de facto relationship.
For the Agreement to be binding, a number of requirements must be met, one being that each party must receive independent legal advice.
Evans Brandon Family Lawyers can assist with drafting a Binding Financial Agreement to meet your specific needs. We work closely with clients to ensure that the agreement complies with the legislation. We frequently work alongside accountants and specialist estate and succession lawyers to ensure that the financial agreement is comprehensive and provides for the end result as agreed.
The primary benefit of a Binding Financial Agreement is that you are able to negotiate outside of the Court with your partner about what will happen to your assets in the case of a separation. It provides an opportunity to be transparent in terms of financial disclosure and for discussions around financial expectations.
A Financial Agreement may have the ability to oust the jurisdiction of the Family Law Courts to make orders in respect to property, spousal maintenance or both.
An Agreement can be set-aside on a number of grounds including:
A Binding Financial Agreement should be entered well before marriage or commencing a de facto relationship. The same applies to not entering an Agreement if the birth of a child is imminent. Both these instances could be considered a form of pressure or duress.
Protect your existing assets for children of prior relationships if you are entering into a new marriage or relationship.
Have your financial agreement drafted by a competent and knowledgeable Family Law expert to meet your own individual needs.
A Binding Financial Agreement is binding on a deceased estate.
Call us for free initial phone consultation at (07) 5574 1888