Partners in Family Law can:
- Determine if it would be worthwhile for you to reach a Binding Financial Agreement with your partner during or after a marriage or relationship;
- Draft a Binding Financial Agreement;
- Provide the detailed advice in writing that is needed for the Binding Financial Agreement to be legally binding;
- Advise you whether a previous agreement can be set aside or assist you to implement or enforce it.
Binding Financial Agreements are private contracts between two people regarding their property. Financial Agreements are entered into before marriage or a de facto relationship commences and can provide certainty about the division of property and spouse maintenance arrangements if a relationship is unsuccessful.
Binding Financial Agreements can also be entered into during a marriage or during a de facto relationship, or after the end of a marriage or de facto relationship. Binding Financial Agreements are one tool we use to avoid litigation, make provisions for the future and resolve disputes without going to court.
There are a wide variety of issues that can be included in a Binding Financial Agreement. Such agreements are common amongst people:
- marrying for a second or subsequent time;
- regarding a second long term de facto relationships; or
- who want to preserve inheritances whether received or anticipated in the future; or want to ensure family wealth is preserved for the next generation.
They can be used to:
Isolate particular property (such as inheritances) from the division of property at the end of a relationship;
Allow a division of property and superannuation between you and your partner that is very specific and flexible to each of you (e.g. a delayed payment; or installment payments; a greater or lesser amount that you have both agreed that a Court might not otherwise allow);
Include third parties such as related companies and relatives;
Keep the property and income each of you bring to the relationship from division if you ever were to separate in the future.
Binding Financial Agreements are a flexible documents that allow us to provide a personalized approach to relationship matters. Each party to a Binding Financial Agreement needs to obtain independent legal advice. Partners in Family Law can assist you to draft the agreement and advise you about how to make it binding and its significance to you and your family.