Binding Financial Agreements
Family & Defacto Law services
Investigating and Identifying
'Binding Financial Agreements' are becoming more commonplace, especially for those who enter new relationships with substantial financial resources and wishing to protect their assets in the event of a relationship breakdown.
1.
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.
2.
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.
3.
A Binding Financial Agreement can be set aside if the couple decide to have a family, and there is inadequate provisions for the care and support of the 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.
