Financial and prenuptial agreements
Parties who agree on issues of property and maintenance can finalise these arrangements either in Consent Orders or in a Financial Agreement.
A Financial Agreement is the only option for couples who have not separated. These Agreements are most commonly made by couples intending on marrying (prenuptial agreements).
There are advantages of entering into a Financial Agreement whilst you and your partner are still together. They include:
- Clarifies initial and ongoing financial contributions of the parties;
- Promotes better communication in the long term;
- Removes a sources or sources of stress; and
- Enables a speedier resolution of financial matters at the end of a relationship.
Financial Agreements when you have separated
In the alternative, if you and your partner have separated and you have reached an agreement about asset and liability division amongst yourselves, then you could avoid having to involve the Courts by entering into a Financial Agreement.
It is a requirement under the Family Law Act 1975 that you obtain independent legal advice before entering into a Financial Agreement, and a certificate of independent legal advice must be issued and signed by your legal advisor.
If the form and effect of the Agreement is not correct your Agreement may be set aside or found not to be binding.
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