In circumstances where a Financial Agreement is reached between parties, you may wish to document this agreement by way of a Financial Agreement. There are several types of Financial Agreements that can be entered into:
• Before marriage (also known as pre-nuptial agreements) or before living together;
• During marriage or during the de facto relationship;
• After separation; or
• After divorce.
A Binding Financial Agreement can oust the Court’s jurisdiction in relation to financial proceedings between you and your former spouse or on some occasions such as a pre-nup with your future spouse.
Financial Agreements are complex documents with a requirement for both parties to the agreement to obtain independent legal advice before entering into the agreement to ensure that the agreement is binding.
In circumstances where a Financial Agreement is not drafted correctly, and all elements are not met in the initial drafting of the agreement the Court has the power to set-aside the Financial Agreement and determine your matter.
This can come at a significant cost and cause considerable stress. It is imperative when considering entering into a Financial Agreement that you seek the advice of an expert in this area.