Financial Agreements

It is becoming increasingly common for partners in a relationship to establish the distribution of assets in the event of separation.

‚ÄčThese types of agreements are not only available to couples contemplating marriage, but also to people in or entering into de facto relationships, including same sex de facto relationships. These agreements are known as Binding Financial Agreements and are only binding if they strictly comply with the requirements of the Family Law Act. The Agreements may be signed before, during or after the relationship. Advice on drawing up these contracts is required for any couple looking at long term commitment to prevent later legal costs.

The Binding Financial Agreement will cover;

  1. Division of property, finances and debts after the marriage breakdown;
  2. Superannuation; and
  3. Spousal Maintenance.

A Binding Financial Agreement is not a Court Order, however if properly prepared it is legally binding. It can only be set aside for the following reasons;

  • Fraud such as failure to disclose a material matter;
  • Creditor’s interest if the agreement was intended to defraud or defeat a creditor;
  • Void or unenforceable;
  • Impractical due to a change in circumstances;
  • Hardship if there is a material change in circumstamces in relation to a child;
  • Unconscionable conduct when the agreement was entered;
  • If the agreement contains a Superannutation interest which cannot be split; and
  • Other interests.

Contact our professional team and let us resolve your matter.

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