Binding Financial Agreements
We'll make sure you are aware of the important things.
What is a Binding Financial Agreement?
Binding Financial Agreements are agreements that can be entered into by married or de facto couples before, during and at the end of their marriage/relationship. People sometimes refer to these agreements as 'prenuptial agreements' but the legal term is 'financial agreements’.
This is a contract between the parties setting out how their individual and joint assets are to be divided between them, if they separate. Unlike Court Orders, they do not have to be just and equitable.
Some advantages of a Binding Financial Agreement are:
1. Parties are able to maintain privacy upon separation about the distribution of assets between them.
2. Both parties are aware of what property they will be receiving in the event of a marital or defacto breakdown, without resorting to lengthy, costly and stressful litigation.
3. It protects the assets acquired prior to the commencement of the marriage or de facto relationship.
4. Promotes harmony between the parties.
For more information on legally binding financial agreements call 131 LAW or simply email one of our family law specialists today.