Binding Financial Agreements
You can make a financial agreement before marriage, whilst married, after separation or a marriage breakdown or after divorce.
Any de facto couple including same sex couples can make a financial agreement.
Do I need one?
It is generally well known in the community that there is a very high failure rate for all relationships, and second relationships are even more likely to fail.
Entering into an agreement may remove doubt or uncertainty, which can lead to arguments. A financial agreement, through mutual understanding and appreciation, can actually strengthen a relationship.
Agreements are usually done where:
♦ One party has significantly more assets than the other
♦ One party has a higher debt level than the other
♦ One party has dependants and needs to protect their capacity to support same
♦ One or both parties have previously experienced a marital breakdown
♦ One or both parties have previously been involved in expensive court proceedings
♦ One or both parties seek to prevent the other from making an application to the court for division of property
More and more men and women are taking financial and legal precautions against a relationship breakdown.
Hogan Stanton Lawyers have experience in drafting these agreements.
Examples of what the agreement can cover?
♦ Any property that you have at the beginning of the relationship that you wish to protect
♦ How you will keep your finances separate
♦ How you will own property during the relationship e.g. jointly or separately
♦ How you will divide property if you separate
♦ How you will provide for spousal maintenance
♦ How you will provide for children
What do I need to do to work towards agreement?
♦ Discuss the matter openly with your partner
♦ Make full disclosure to each other about finances
Obtain independent legal advice about what could happen if you separate with or without an agreement so you know what the alternatives are
Are these financial agreements legally enforceable?
Yes, however there are strict requirements that must be met. You need to seek advice from an experienced lawyer on this type of agreement. We will discuss what the conditions are at your first appointment.
However, courts do have the capacity to set aside these agreements. There are a number of grounds which can apply which we will also explain to you.
Why wait? Contact us now to protect your future!
One Party has Significantly More Assets than the Other
One Party has a Higher Debt Level than the Other
One Party needs to Protect their Capacity to Support Dependants
Either Party has Previously Experienced a Marital Breakdown
Either Party has been Involved in Expensive Court Proceedings
Either party Seeks to Prevent a Court Application being filed for Property Division