Looking for clear and practical family law advice and solutions for a range of family law matters? One area of family law that we specialise in is Financial Agreements.
A financial agreement, also known as a binding financial agreement, is a legally binding contract that outlines financial arrangements in the event of a marriage or de facto relationship breakdown. It can be entered into before, during, or after a relationship. Financial agreements made before a marriage or de facto relationship are commonly referred to as prenuptial agreements, but are legally known as financial agreements in Australia. These agreements are made under Part VIIIA (for marriages) or Division 4 of Part VIIIAB (for de facto relationships) of the Family Law Act 1975. If a financial agreement is binding, it can be used to avoid court proceedings in relation to financial proceedings between the parties.
A Financial Agreement can be entered into in different stages of a relationship, depending on the circumstances.
For marriages, it can be entered:
Similarly, for de facto relationships, it can be entered:
It is mandatory for all parties to seek independent legal advice before entering into a Financial Agreement. It follows that this advice goes beyond simply explaining the meaning and effect of each of the clauses of the agreement.
To be valid and enforceable, a Financial Agreement must meet the following requirements:
Contact us today for clear and practical advice on Financial Agreements and all other areas of family law.
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