Family Law

Financial Agreements

Binding Financial Agreement Lawyers Essendon and Melbourne.

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Binding Financial Agreement Lawyers Essendon and Melbourne CBD (Prenup and Postnup)

Financial agreements are often entered into to divide property between the parties including their superannuation interests. Financial agreements may be entered into prior to marriage/de facto relationships, during marriage/de facto and after the parties have divorced or separated.

Financial agreements may state:

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What should I do if I want to have a financial agreement with my partner?

It is crucial to seek legal advice if you are considering creating a financial agreement with your partner. It is important to understand the full effects of the agreement and requirements which are necessary in order for the Financial Agreement to be binding with the advantages and disadvantages of its contents.

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What are the Benefits of having a Binding Financial Agreements?

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Can superannuation amounts be included in the financial agreement?

Yes, financial agreements may include provisions relating to the division of superannuation monies. The split may be listed as a percentage, a defined base amount, or a formula to calculate the amount.

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Can spousal maintenance be included in a financial agreement?

Yes, spousal maintenance may be included in an agreement, however it is crucial to provide accurate information of the name of the party for whom the provision is made, and the monetary sum or proportion of property. Without this information, the spousal maintenance provision will not be enforceable.

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Can child support arrangements be included in a financial agreement?

Issues relating to child support can be included in the financial agreement, however it is recommended that child support instead be provided for in a Binding Child Support Agreement. It is best to keep issues relating to children separate from the other agreements and settlements.

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Can financial agreements be deemed unenforceable?

The Court may set aside a financial agreement if they are satisfied of any of the following:

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What happens if my partner passes away?

The law states that financial agreements survive the death of a party. As such, this means the obligations under the agreement will bind the deceased’s estate.

However, the Court is not bound by the financial agreement when determining family provision claims on the estate. It is recommended you consider this and draft provisions in the agreement in the event one of the parties to the agreement passes away. If you are seeking to enter into a Binding Financial Agreement, irrespective of the status of your relationship, it is important to obtain expert legal advice.

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What if I want to end a financial agreement?

A further agreement may be entered into by the parties to have the original financial agreement terminated. Upon application to the Court, the Court will consider whether termination is just and equitable and does not unfairly alter the rights of the parties.