Financial agreements, including pre-nuptials are legally binding documents that set out how to divide you and your partner’s property, finances, assets and liabilities should your relationship break down.
A Financial Agreement is a legally binding document that sets out how to divide you and your partner’s property, finances, assets and liabilities should your relationship break down.
Financial agreements can also cover spousal and child maintenance, superannuation and inheritance and may consider family trusts and other incidental financial issues.
The purpose of a Financial Agreement is to avoid the need for you and your partner to have the family courts decide on property matters after you separate or divorce.
Financial Agreements can be made before, during or after the start of a relationship and depending on the nature and timing of the relationship there are different Financial Agreements to suit.
Types of Financial Agreements
- Pre-nuptial Agreement
- Post-nuptial Agreement
- Pre-cohabitation Agreement
- Cohabitation Agreement
- Separation Agreement
- Divorce Agreement
For a Financial Agreement to be legally binding and enforceable, it must comply with the Family Law Act, which states that both parties must freely enter into and understand the effects of the agreement.
Additionally, you and your partner must obtain your own independent legal advice, ideally from a family law specialist, prior to both signing.
Seeking proper family law advice will ensure you enter the Financial Agreement that is appropriate to your relationship status and fully understand the advantages and disadvantages of the Agreement should your relationship end.
Should you or your partner wish to terminate a Financial Agreement it can be done in one of two ways: you can both can enter into another financial agreement, or opt to enter into a “termination agreement.”
At Corish & Co specialist family lawyers we can assist you with the proper preparation and implementation of a Financial Agreement. Contact us to discuss the financial protection and security you need.