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Financial Agreements

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.

What is a Financial Agreement?

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.

financial agreements
When can we enter into a Financial Agreement?

A Financial Agreement can be entered into in different stages of a relationship, depending on the circumstances.

For marriages, it can be entered:

  • Before the marriage (section 90B)
  • During the marriage (section 90C)
  • After the marriage (section 90D)

Similarly, for de facto relationships, it can be entered:

  • Before the de facto relationship (section 90UB)
  • During the de facto relationship (section 90UC)
  • After the de facto relationship (section 90UD)

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.

Requirements:

To be valid and enforceable, a Financial Agreement must meet the following requirements:

  1. It must be in writing.
  2. All parties must sign it.
  3. Before signing the agreement, each party must receive independent legal advice on the impact of the agreement on their rights and the advantages and disadvantage of entering into the agreement.
  4. Not be terminated or set aside by the Court.

Contact us today for clear and practical advice on Financial Agreements and all other areas of family law.

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