Amendments made to the Family Law Act in 2001 mean that binding financial agreements can be entered into by parties in, or contemplating, a marriage or a de facto relationship.
If the parties enter into such an agreement, using the process set out in the Act, the consequences of the breakdown of the relationship will be determined by the agreement rather than the Court.
Agreements can cover the whole of the financial affairs of the parties or only part of them and can be simple or quite complex.
For the agreement to be binding both parties must obtain independent legal advice before it is signed, and must obtain a certificate from a lawyer confirming that the advice has been given.
There are a number of situations where such agreements may be considered appropriate:-
- Second or subsequent marriages
- Considerable pre marriage assets owned by one party
- Preservation of family businesses or assets
- Protection of inherited assets
Kelly & Associates Family Lawyers can assist in determining whether a Financial Agreement is appropriate in your case and in drafting agreements.