Binding financial agreements
Our team specialises in the preparation of binding financial agreements, which can be made prior to marriage or commencing a relationship (pre-nuptial agreements) or post separation (post-nuptial agreements).
Binding financial agreements are available to both married couples and couples in de facto relationships, and are now specifically recognised under the Family Law Act as being legally binding.
Couples can use these types of agreements to regulate and / or resolve how their finances will be managed during, or following the breakdown of, their relationship.
Binding financial agreements need to be carefully considered and worded to ensure that they take into account any structural implications (eg family trusts, companies, self-managed super funds) of the proposed settlement, as well as tax implications and any other consequential matters, such as refinancing obligations.
Binding financial agreements following separation
Binding financial agreements may also be used to formalise the division of a couple's financial and property assets, following their separation. In this instance they are used to provide a legally binding record of any settlement agreed by both parties and have the same effect in terms of enforceability as Court Orders.
VIDEO | What is a Financial Agreement?
If you are married or in a de facto relationship and you separate, what will happen to your property, financial and superannuation assets? In this 4.40 minute video, Family & Relationship Law partner, Peter Royston, talks about financial agreements: what are they, what kind of things they can cover, and whether they are actually legally binding.
VIDEO | Do I need a Financial Agreement?
In this 4.15 minute video, Family & Relationship Law partner, Peter Royston, looks at the advantages of creating a financial agreement and what kind of things you should think about when considering whether a financial agreement is right for your circumstances.