Parramatta’s Family Law Experts

Guidance Through Financial Agreements

When two parties formalise their relationship through marriage, a financial agreement / prenuptial agreement may be signed prior to or after the commencement of the marriage.

These kinds of agreements relate to the division of assets, finances and property should the relationship deteriorate. They may also have specific clauses relating to spousal maintenance, estate claims or child custody arrangements.

A de facto couple may also apply for a financial agreement, which must be signed by both parties following independent legal advice.

The benefit of a financial agreement is a reduced need for mediation and court hearings in the event of a separation.

Family Law Experts are experienced in handling financial and prenuptial agreements in accordance with Australian Law.

Information About Financial Agreements

  • A financial agreement is not reviewed by a court prior to being signed by both parties
  • A financial agreement must adhere to strict guidelines about independent legal advice before being signed by either party
  • In some circumstances, a court may rule that a financial agreement is can be set aside. These circumstances include:
    • Unjust pressure on one party to sign
    • Fraudulent information provided at the time of signing
    • If the agreement is impractical due to a change in circumstances
    • To accommodate the best interests of a child
  • A court may also rule in favour of changes to a financial agreement
  • A financial agreement clause relating to the estate of one party may still be binding after the death of that party
  • A court may overrule a financial agreement relating to spousal maintenance depending on the circumstances

It is important to have the right advice when establishing a financial agreement. Seeking the help of a qualified third party is not only a requirement, but is necessary to ensure the interests of both parties are protected.

For more information about financial and prenuptial agreements, contact your Family Law Experts

 

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