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.
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.