A financial agreement is a written agreement between two or more people that covers one, or more, of the following:
- the division of property.
- the division of superannuation.
- spousal maintenance or De-Facto maintenance.
- other incidental issues concerning the above.
A financial agreement is commonly referred to as a pre-nuptial or post-nuptial agreement, and it is this terminology that most are familiar with.
There are various types of financial agreements. A financial agreement can be entered into:
- before the commencement of marriage or de-facto relationship.
- during a marriage or a de-facto relationship.
- following the breakdown of a marriage or de-facto relationship.
There are a range of pre-requisites which must be complied with by both parties to any financial agreement, to ensure that the financial agreement is binding.
Financial agreements and their enforceability are a complex area of family law and the legislative framework in relation to financial agreements, has been a consistently changing area of law in recent times.
Australian law mandates that both parties entering into a financial agreement obtain independent legal advice. In fact, Australian Law requires that both parties receive independent legal advice and the legal practitioners providing that advice sign a Certificate to confirm same.
If you are seeking advice about a financial agreement, we recommend you do so from an accredited family law specialist.
Please contact us to arrange an appointment with our accredited family law specialist in relation to this complex area of law.