A Financial Agreement can be made before, during or after a marriage or De Facto relationship.
A Financial Agreement can set out what is to become of the assets, liabilities and financial resources of a marriage or De Facto relationship in the event of the breakdown of the relationship. It can also include the dividing up of superannuation in the case of married couples (but not for De Facto couples).
For a Financial Agreement to be binding, it must comply with many technical legal requirements.
In addition, both parties need to receive their own independent legal advice from separate lawyers about the effect of the agreement on their legal rights and the advantages and disadvantages to the party of the agreement.
One of the main benefits of a Financial Agreement is that they offer the strongest form of protection against future Family Court proceedings. Without a Financial Agreement, a party can commence Family Court proceedings for property settlement and/or spousal maintenance.
We are experienced in preparing Financial Agreements and can also review an Agreement in cases where the other party’s solicitors have prepared it.