Financial Agreements

Couples wishing to protect themselves from losing assets if the relationship ends can enter into a Financial Agreement. 

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Financial Agreements are known by a range of different names. The most common is a Binding financial Agreement or "BFA" or a prenuptial agreement. There are also a few other names depending on what stage you enter into the agreement;

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          Cohabitation Agreements - de facto relationships before or after you start moving in together OR during marriage

          Prenuptial Agreements - before marrying

          Separation Agreement - after a couple separate, whether married or de facto

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However they all do the same thing - determine your property division in the event that the relationship ends.

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There are a myriad of options as to what you can put into your agreement. One of the most common terms is that one or other spouse or partner will retain certain defined assets or "separate property" if you separate.  This can be extended to include property you may receive in future, such as inheritances. The Agreement also sets out what will happen to any property you acquire in joint names during the relationship.

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Who needs one? Why do I want one?

• People who have an asset who want to ensure

• couples going into a second marriage who want to ensure assets from a previous relationship remain theirs, including so they can pass them onto their children 

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What does it involve?

One of the parties will need to have a solicitor prepare the Agreement. This will be a contract.

 

Before you sign, each of you need to obtain independent legal advice from an Australian solicitor on two specific topics. The agreement must have a certificate from each party's solicitor confirming that independent legal advice was given. 

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Next?

If you have any questions about what a Financial Agreement can do, whether you need or want one and to learn more about the process, contact us for a free telephone call or to book an Initial Consultation.