|  |
    FINANCIAL AGREEMENTS, PRE-NUPTIAL AGREEMENTS AND TERMINATION AGREEMENTSBinding Financial Agreements for married, de-facto and same sex couples are now encapsulated in the Family Law Act 1975 and allow couples to make decisions about their financial affairs and the division of property in the event of a breakdown of a relationship, without the expense involved in litigation.Whilst the term “pre-nuptial agreement” is used commonly and widely used, it is a fallacy that such an agreement can only be entered into prior to a couple marrying. Binding Financial Agreements as they are now known can be entered into prior to marriage, during a marriage and after the breakdown of a marriage (though must be entered into within 12 months of a divorce). Similarly, they can be entered into when a couple is living in a de-facto relationship or upon the breakdown of a de-facto relationship. Binding Financial Agreements can protect or quarantine your assets from a claim made by your partner in the event of separation, so long as full and frank financial disclosure was made at the time of entering into the agreement. To enter into a Binding Financial Agreements each party is required seek independent legal advice in order for the agreement to be binding in the relevant Federal Court. Whilst they can be difficult to set aside, there are certain circumstances under which they can be set aside under the Family Law Act 1975, which pertain to the children, health and future needs of the parties. This page is not intended to constitute or be a substitute for legal advice. If you wish to obtain specific advice and consult with one of our family law solicitors in regard to your situation please contact us on (02) 9344 2000 or send an email to family@kydonsegal.com.au. |
Copyright 2005 © Kydon Segal Lawyers. All Rights Reserved. Design by Dorja