A well-developed financial agreement ensures financial security and clarity. Financial agreements have a particularly high value in the following situations: whether you are thinking about getting married or staying in a de facto relationship for the foreseeable future, the definition of the agreement, while you are happy in your relationship, is much more likely to result in a de facto marital or financial agreement that is fair to both of you and will ultimately save you time and money. A high degree of caution should be exercised when preparing, revising and signing this type of agreement. Both parties need independent consultation with a lawyer on specific issues before the agreement is signed. Parties to a binding financial agreement cannot use the same lawyer. The Court quashes an agreement obtained by the fraud. These include non-disclosure by a portion of significant assets and agreements to defeat the interests of a creditor of one of the parties or a third party with whom one of the parties is still pending. Parties must therefore be honest in their operations and in disclosing assets, financial resources and estimating values. In the absence of a binding financial agreement, you will remain at the mercy of the family court. If this happens, it`s up to a judge to decide what you get and what you don`t. With regard to a financial agreement on marriage, the court may issue an order to annul a financial agreement or a termination agreement, if and only if the court is satisfied that: in general, if the parties have not received sufficient legal advice before the signing of the agreement, the agreement will also not be enforceable. Compelling financial agreements must be carefully developed to ensure that they take into account all structures such as family trusts, businesses and self-managed super-funds, as well as tax implications and other obligations.
The main advantage of a matrimonial agreement is the ability to determine how common and separate assets, liabilities and financial resources of the relationship are distributed in the event of a breakdown of the marriage, thus preventing future financial disputes that could lead to litigation. Compelling financial agreements can also be used by clients as a means of paying their real estate bill at the end of a relationship and allowing a couple who have reached an agreement to avoid the need to make court decisions. Compelling financial agreements can be concluded at any time during a relationship and can be a means of security for a party that is in the subject of how changes in family dynamics can occur. If prepared and negotiated in a thoughtful and methodical manner, financial agreements are validated by a Court of Justice. These agreements are generally more flexible than Tribunal approval. In theory, these agreements may contain provisions that a court would not allow if they were included in the proposed approval decisions. A binding financial agreement must be prepared by a family lawyer. Our family rights specialists support clients through the decision-making process on relational issues, in order to find the best possible outcome for them and their loved ones. We will work with you to explore what you want to achieve with your agreement and we will be able to manage the process in a sensitive way.
Our goal is to ensure that your relationship is maintained and improved through agreement. We therefore strive to work with your partner or your spouse`s lawyer, while ensuring that your interests are protected. If the agreement is reached before or during the relationship, the provisions relating to the distribution of ownership are triggered in the event of dissolution and the parties must share their ownership according to the terms of the contract. Plan a free 30-minute consultation with our family rights team if you have any doubts about your current financial agreement or if you would like to get a second opinion.