A Binding Financial Agreement replaces what was known as a prenuptial or cohabitation agreement and can be entered into before, during or at the end of a marriage or de facto relationship. The purpose of a Binding Financial Agreement is to determine how the property, assets and finances of both parties are to be dealt with in the event that the marriage or de facto relationship is dissolved.
A Binding Financial Agreement allows a couple to determine how their assets and liabilities will be divided without the need to go to court. However, each party to the agreement must obtain their own independent legal advice to make the agreement binding. Each party must also disclose all their assets and liabilities to make the agreement compliant under the legislation.
A Binding Financial Agreement can be set aside if the couple decide to have a family and there is inadequate provision for the care and support of children. The agreement may also be declared unenforceable in the event of fraud or if a party engaged in unconscionable conduct.
Armstrong Kutz Lawyers can draft your Binding Financial Agreement considering your unique circumstances in order to provide a degree of certainty and protection in the event of your relationship ending