It is important that you work with an experienced lawyer to prepare your binding financial agreement. Our team of family law experts in Brisbane is experienced in dealing with complex scenarios and the associated tax and property implications. A binding financial agreement is an agreement between de facto couples, soon to be married or already married concluded before, during or after their relationship. In this article, the first in a series on financial arrangements, we give a concise overview of friendly agreements – financial arrangements that are made when a couple`s relationship continues and life is good. While, fortunately, most relationships tend to survive during the negotiation of a financial deal, the process has forced a couple to ask themselves deep and uncomfortable questions. Interesting questions such as: “How much are you really worth?” and even more precisely” How many will I get if we are not permanent? It`s a good idea to try to reach an agreement on how to divide your property without going to court. If you disagree, there are family dispute resolution services that can help. Under Part VIIIA for married couples or Part VIIIAB for common-law couples of the Family Law Act 1975, you can enter into a financial agreement before, during or after the end of your relationship. So the term financial agreement is actually an umbrella term that covers all phases of a relationship. The law allows married or de facto couples to enter into legally binding (enforceable) financial agreements regarding their property. These agreements can be concluded before, during or at the end of a relationship.
Financial agreements made before marriage are often referred to as “prenutial agreements.” Often, there is an economic imbalance of power in relationships. Since the court does not approve financial agreements, it is possible to execute an agreement that is not fair and equitable for each party. Therefore, it is necessary that each party to a financial agreement receives independent legal advice before signing the agreement, otherwise it will not be considered binding. .