Also known as prenuptial agreements or prenups, binding financial agreements are legally enforceable agreements between de facto partners or spouses that can agree on property division and spousal maintenance.
- Before, during or after marriage.
- Before, during or after a De facto relationship.
Binding financial agreements can be made when you are contemplating a de facto relationship or marriage (commonly known as a prenup or prenuptial agreement), while you are in a de facto relationship or marriage, or when you separate.
If you can reach an agreement with your partner. You can do this either on your own, with the help of a lawyer, or by agreeing matters at a property mediation. However, for your agreement to be enforceable it needs to be made as a binding financial agreement and the Family Law Act 1975 (Cth) and case law enforcing that act sets out strict requirements for these agreements to be valid, including the provision of legal advice that has been signed off by a lawyer. Avoid low-priced internet-based alternatives that do not properly protect your interests, and save money now by engaged quality legal representation now and draft a proper agreement.
On the other hand, if you merely agree to matters between you and the other party informally, then there is a risk that a party may at a later stage, apply to a Court to reopen property and financial issues.
Shane McClure highly recommends developing a well-thought out binding financial agreement to protect both parties, and especially yourself. The stakes are even higher:
- when a couple is older;
- when there are children from previous marriages; or
- one party brings considerably more assets to the marriage than their future spouse.
Shane McClure has vast experience in all array of family law matters, including court appearances and can advise on the necessary documents required for starting a new relationship, ending a relationship, parenting disputes, and property disputes. Click here to contact us and make an enquiry. Shane McClure has the understanding and compassion to help you move forward into the future.
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