What is a Financial Agreement?
A Financial Agreement is essentially a Contract entered into between you and the other party regarding how your property and financial resources are to be dealt with if you separate. The Financial Agreement does not come into effect unless and until there is a separation. Parties may enter into a Financial Agreement:
- before marriage (or de facto relationship);
- during marriage (or de facto relationship), and before separation;
- during marriage, and after separation; or
- after divorce (or the end of a de facto relationship).
It usually spells out the agreement reached between the couple as to their finances, and the division of their assets and financial resources, if their relationship comes to an end. However, a Financial Agreement may incorporate other matters incidental or ancillary to property issues, such as spousal maintenance and child support.
Who can enter into a Financial Agreement?
As stated above, a Financial Agreement can be entered into when a couple are entering into a de facto relationship, prior to a marriage, during a marriage or de facto relationship and before separation, during a marriage and after separation, or after a divorce or the end of a de facto relationship.
Parties in any of the above situations may enter into a Financial Agreement to divide their assets and financial resources, and provide or contract out of providing for payment of spousal maintenance that might be payable by one of the parties to the other.
Who can prepare a Financial Agreement for me?
Due to the requirement for each party to receive very specific and detailed independent legal advice, it is very important that parties seek the assistance of a lawyer with experience in this area. Our lawyer can guide you in the preparation of the agreement and can assist you to ensure that the agreement is comprehensive, accurately records your wishes and is likely to be as final as possible.
For a detailed Free Information Handout on Financial Agreements click here.