Financial agreements lawyers
At the commencement of a relationship, or anytime during its course, you may wish to put something in place with your partner that offers you financial protection if the relationship breaks down. A financial agreement is one way to approach these arrangements. Stacks can provide advice about the best ways to protect your financial assets from future challenges.
Whether you are starting a relationship, or have been in a relationship for some time, you may have concerns about your financial security, certain assets or other financial matters which may be affected, particularly if the relationship should end unexpectedly.
It is possible under the Family Law Act to make a binding financial agreement with your partner before, during or after a marriage. Often known as a prenuptial agreement, the aim of a binding financial agreement is to offer some peace of mind to both parties without them having to go to court.
The agreement can be as limited or as broad as you wish, covering issues such as:
- Financial settlement (including superannuation) in the event that the marriage breaks down
- Financial maintenance of one spouse by another after marriage
- Financial maintenance of children after marriage
- The protection of certain assets owned by a party prior to the relationship
- The protection of prospective inheritances of each party
- Any other incidental issues that may affect your relationship
- Maintenance arrangements for either partner or children during the relationship
Current uncertainty around law regarding binding financial agreements
However, bear in mind that making a financial agreement is just one way to go about protecting your financial assets and/or deciding financial maintenance, and not necessarily the best way. Current uncertainty around the law regarding binding financial agreements means that they may not provide the peace of mind that you are seeking. Binding financial agreements are highly technical documents and there have been many examples where courts have set aside (dismissed) part or all of an agreement.
An alternative approach available in many cases is where both parties in the relationship agree on consent orders to be made by the court. Consent orders can provide long-term protection in the event that your relationship breaks down and your former partner disputes the division of property.
Another alternative can be for both parties to work together to come up with a schedule of respective assets that gives a clear picture of the initial financial contributions each person has made to the relationship. This can be useful for assessing the contributions made during the course of a relationship, in the event that a future dispute arises about the division of property.
It is a complicated area of law and every situation is unique. Stacks will be able to advise you on the best ways to protect your financial assets in the event that your relationship ends. We understand that this may be a sensitive issue and will help you through the process with respect, confidentiality and professionalism.
Need advice about a prenuptial or financial agreement? Call us today
