Family Law

Financial Agreements

If you are looking for an experienced Binding Financial Agreement Family Lawyer, the Family Law team at JurisBridge Legal will help you every step of the way.

There are two ways to finalise a property settlement. You can obtain a Court Order by consent, or following a contested Court proceeding, or you may enter into a Financial Agreement.

We carefully consider your personal circumstances and provide you with advice on how you can protect your assets and maintain financial independence in the event of a relationship breakdown. We have a wealth of knowledge and experience in advising clients on prenuptial and financial agreements including:

  • Financial Agreement in contemplation of entering into a de facto relationship;
  • Financial Agreement in contemplation of marriage;
  • Financial Agreement during marriage;
  • Financial Agreement during a de facto relationship;
  • Financial Agreement after a relationship has broken down; or after divorce, if married.

What is a Binding Financial Agreement?

Binding Financial Agreements are a type of private contract between two people to a de facto relationship or marriage that formalises a property settlement agreement on how the parties’ property, including superannuation and liabilities, will be divided in the event of a breakdown of a marriage or a de facto relationship.

Binding Financial Agreements may be made prior to entering into a de facto relationship or marriage and are commonly known as “prenuptial agreements” or “prenups”.  Speak to one of our expert Family Lawyers if :

  1. You have more property, or assets than your partner at the beginning of your relationship;
  2. You anticipate that you may be entitled to an inheritance at a later stage of your relationship or marriage;
  3. You intend to enter into a new relationship and you as well as your children wish to be protected financially in the event of a breakdown of the relationship;
  4. You wish to preserve your personal assets that were accumulated prior to entering into a relationship.

We can advise you on the advantages and disadvantages of entering into a Binding Financial Agreement. Whether you are thinking about getting married or entering into a de facto relationship and remaining in a de facto relationship for the foreseeable future, negotiating an  agreement while you are on good terms with your partner in your relationship is far more likely to result in a prenuptial or de facto financial agreement that is fair to both of you thus saving time in Court down the track.

Binding Financial Agreements can determine how the parties’ financial assets are to be divided in the event of the breakdown of their de facto relationship or marriage.  Binding Financial Agreements can also cover spousal maintenance and any other ancillary or incidental matters.

What are the requirements for a Financial Agreement to be “Binding”?

A Binding Financial Agreement does not require the approval of the Court. As it is not open to a Judge’s scrutiny, there are strict legal requirements that must be followed in order to make it binding.

These requirements include:-

  • The agreement must be in writing;
  • The agreement must be signed by both parties;
  • Before signing the agreement, each party must be 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 the advice was provided, to that party of making the agreement; and
  • The agreement must state that both parties received independent legal advice (and the solicitors must sign a statement to this effect) regarding the effect of the agreement on their legal rights, including the advantages and disadvantages of entering into the agreement.
  • A copy of the signed statement must be given to each party;
  • The agreement must state that it has not been terminated or set aside by a Court; and
  • Each party must receive a copy of the agreement.

When is a Financial Agreement not Binding?

If any of the above requirements are not complied with, a Court can make an Order setting aside the agreement on the basis that it is void, voidable or unenforceable.

Section 90K of the Family Law Act 1975 (Cth) sets out a list of circumstances in which a Court can make an Order setting aside a financial agreement. One of the most common reasons that the Family Law solicitors at JurisBridge Legal see is that one of the parties has failed to fully and frankly disclose a material matter. It is essential that parties contemplating a Binding Financial Agreement fully and frankly disclose all of their assets including superannuation, liabilities and financial resources to each other.

How do I make a Binding Financial Agreement?

It is very important that you receive qualified, independent legal advice. Online templates and ‘one size fits all’ approaches remain largely unsatisfactory and are repeatedly scrutinised by the Courts. What may seem like a cheap fix and a great deal initially can have very expensive consequences. You need an individualised, tailored Binding Financial Agreement that is unique to your (and your partner’s) circumstances. The experienced Binding Financial Agreement Family Lawyers at JurisBridge Legal will help you every step of the way.

If you would like more information on how the Family Law team at JurisBridge Legal can help you draft your Binding Financial Agreement, provide advice on your existing Binding Financial Agreement, or assist you with any other family law matters, please call on 02 8355 3737 or our national legal hotline 1300 559 888 or fill out the inquiry form here.

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+61 2 8355 3737
familylaw@jurisbridge.com.au

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Level 46, 680 George Street
Sydney NSW 2000

 

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