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What is a binding financial agreement?

By July 30, 2017Family Law

A ‘binding financial agreement’, or ‘financial agreement’, is a binding legal agreement concerning financial arrangements should a marriage or de facto relationship break down.  A financial agreement can be entered into before a marriage or de facto relationship, during the marriage or de facto relationship, or after separation and divorce. Financial Agreements entered into before a marriage or de facto relationship are commonly referred to as a ‘prenuptial agreement’ but legally it is known as a ‘financial agreement’.

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These agreements can cover topics such as financial support, financial settlement or any other incidental issues. There are a number of requirements to be met in order for this agreement to be a legal document and binding for both parties, including that you both must have signed the agreement and received independent legal advice from a legal practitioner about the effect of the agreement on your rights and about the advantages and disadvantages, at the time the advice was provided, to you.  You cannot get legal advice from the same lawyer.

Reaching an agreement without going to court

There are many advantages to settling an agreement without going to court, if this is possible in your circumstance. Advantages include dramatically decreasing the financial and emotional costs of legal proceedings. You are also able to make your own decisions and your relationship with your ex-partner is likely to work better, especially if there are shared children involved.

Seeking proper legal advice

Before you make a decision about what option is best for you, you should seek proper legal advice. This will help you weigh up all your options and provide you with all the information you will need. Your lawyer will also be able to provide you with likely outcomes regarding your specific situation as they are likely to have seen similar cases in the past. This will give you a better idea of what may be the best option for your scenario.

At Australian Family Lawyers, we are the experts in family law matters and can help navigate the legal landscape for you. Reaching an agreement with your partner or settling family disputes doesn’t have to be stressful when you employ the right help and gain expert advice. Contact us today.

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