Financial Agreement
A Financial Agreement, also known in some countries as “prenups”, is an agreement made under the Family Law Act 1975 to set out how to divide property in the event of separation. It is available to married and de facto couples, and can be made before or during a relationship, or after separation.
They are legally binding under Australian law as long as the requirements for validity are met.
Use the button below to book an instant legal consultation, or a free call with an experienced family lawyer to discuss how can a financial agreement suit your circumstances.
Financial Agreement Explanation
Scope of a financial agreement
Financial agreement can address all aspects of the property settlement, including but not limited to dividing real estate, shareholdings, businesses, vehicles, superannuation corporate entities, self-managed super funds, family trusts and other assets and liabilities.
It can also include spousal maintenance or de facto maintenance.
Effect of a financial agreement
If a Financial Agreement has been properly prepared and entered into by the parties with all technical requirements met, it is binding and enforceable. The Court cannot determine the matter covered by the financial agreement, which means that neither party can then make a claim to the court in relation to property settlement and/or spousal maintenance covered by the agreement. This provides certainty in how your property will be divided following a separation, and saves considerable money in legal fees and time, with no need to pursue litigation in the court at the end of the relationship.
Can financial agreement be void?
The Court has power to set aside Financial Agreements in some circumstances, which are set out in sections 90K (for Financial Agreements about marriages), and 90UM (for Financial Agreements about de facto relationships) of the Family Law Act 1975.
If you are a party to a Financial Agreement (or a purported Financial Agreement) which you think should be set aside, speak to one of our experienced family lawyer to obtain legal advice as soon as possible.
Alternatively, a binding financial agreement can be changed by consent.
Costs of a financial agreement
We offer a fixed-fee pricing solution for certain family law services, including some binding financial agreements, providing greater cost certainty, increased transparency and improved efficiency. More about fixed-fee service
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