These Agreements can be entered into:
A Binding Financial Agreement is a formal document which formalises your property settlement and spouse maintenance matters.
You must be aware that the introduction of the topic of entering into a Binding Financial Agreement in a relationship can spark feelings of shock, hurt and distrust. Therefore, we strongly recommend that you call one of our family lawyers to obtain their advice prior to discussing it with your fiancé or intended partner. You must be aware that in order to have an effective Binding Financial Agreement there has to be complete disclosure of each party’s financial situation. You also have to obtain advice as to whether entering into the Agreement is at all appropriate. Our lawyers will tell you frankly whether a Binding Financial Agreement is appropriate in your circumstances.
If you want personal attention and sensitive consideration of your needs then you should call us and speak to one of our team of family law experts. We have the experience to appreciate the emotions that the suggestion of this agreement may generate but if you agree to enter into the agreement then our lawyers have the professional skills to negotiate and draft the property documents.
These agreements exclude the Family Court being able to deal with the matter when you ultimately separate. They are contracts signed by each party which say exactly what the parties want to happen to their assets should they separate. They usually set out the parties’ assets and liabilities at the date of marriage and how they seek to have their pre-marriage assets divided if the marriage were to come to an end. These agreements are more common amongst parties who are entering into a second marriage or who own assets prior to the marriage and want to keep those separate.
These types of agreements are twofold:
These can be entered into once parties have obtained a divorce. The matters to be dealt with are identical to those that you would deal with if a Binding Financial Agreement was entered during marriage.
These are set out as Financial Agreements similar to the ones listed above.
Basic criteria for Financial Agreements to be binding are: