When you buy a new home you don’t expect it to burn down but you know this is a risk. So you take out insurance to protect yourself – just in case. Similarly when you enter into a relationship you intend it to be lasting. But we know that despite everyone’s best intentions many relationships founder. A separation may occur because of something beyond your control. An increasing number of couples take out “insurance” in the form of a Financial Agreement to protect themselves – just in case.
A Financial Agreement is a private contract under the Family Law Act which provides how assets, liabilities and superannuation will be divided if you separate and whether any maintenance will be paid by you or your partner.
Many people refer to Financial Agreements as “pre-nups” or “pre-nuptial agreements” or sometimes Binding Financial Agreements.
Financial Agreements can be prepared before you marry or start living with your partner. They can also be done while you and your partner are together.
If you plan to marry or start living with your partner it might be helpful to consider how your property would be divided if you separate at some time in the future. We can help you in your discussions and assist you to reach an agreement about these issues. We will give you detailed advice so that you fully understand the legal implications of an agreement.
Once you reach an agreement we can formalize it as a Financial Agreement. There are strict requirements for Financial Agreements to be legally binding. We are very experienced in negotiating and preparing Financial Agreements to the highest standard. You benefit from our experience by getting the best protection.
Badly drawn Financial Agreements may be set aside by the Family Court. We are proud that none of the Financial Agreements we have drawn have been set aside. Conversely we have succeeded in having several badly drawn Financial Agreements set aside.
Many people are using Financial Agreements to protect their assets and to avoid costly and stressful disputes if they separate.