what are they?

'Financial Agreements' or 'Binding Financial Agreements' are private agreements between either a de facto or married couples with the intended purpose of providing a clear understanding of how assets are to be divided upon the breakdown of the relationship. 

When can they be prepared?

For married couples, these agreements can be prepared:

  1. When contemplating marriage;
  2. During the marriage but prior to separation/divorce; or
  3. After seperation/divorce.

For de facto couples, these agreements can be prepared:

  1. When contemplating a de facto relationship;
  2. Whilst in a de facto relationship; or
  3. After a de facto relation has ended.

DO i need a financial agreement?

INSERT (i.e. financial certainty upon seperation).

One of the main advantages to a financial agreement is the fact that no court proceedings are required and therefore no documents are filed with the court. This has the added advantages of the parties financial circumstances being kept private and also not requiring the approval of the court for the agreement to be binding.

Provided however that the agreement is in writing and both parties obtain independent legal advice a financial agreement that is held to be binding will oust the jurisdiction of the court in relation to financial matters, meaning the agreement reached and documented between the parties will be legally binding on the parties as if the order were made by court themselves.

At McAdam Family Law on the Gold Coast we provide advice and assistance in relation to the preparation of financial agreements for both de facto and married couples. If you require assistance in relation to a financial agreement contact McAdam Family Law on the Gold Coast today to organise a consultation.