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Binding financial agreements can be made before, during or after a relationship. These agreements outline how both parties’ assets, financial resources, and liabilities will be divided if the relationship was to break down. Our Sydney binding financial agreement lawyers are highly experienced in drafting and advising on the most complex binding financial agreements. Contact JB Solicitors today for more information on Binding Financial Agreements.
A binding financial agreement or pre-nuptial agreement (“prenup”) is a legally binding document under the Family Law Act that outlines how a couple’s assets will be distributed upon the breakdown of their marriage or de facto relationship. A Binding Financial Agreement can also include provisions for spousal maintenance.
Binding financial agreements contain information about:
When Can You Enter into A Binding Financial Agreement?
Binding Financial Agreements entered into before or during a relationship are a way to give each party certainty and a clear understanding of how their property will be distributed if their relationship was to unfortunately breakdown.
They also give parties the flexibility to decide how they want their assets to be distributed and set out the basis for distributing the assets in the agreement.
In cases of a second, third or even fourth marriage, a binding financial agreement will ensure that that your assets will go to your children rather than your new spouse.
Agreements entered into after separation are an alternative way to resolve property settlement matters without involving the Court. They can be far more cost-effective than lengthy and stressful court proceedings.
Binding Financial Agreements can also be prepared and executed quicker than Applications for Consent Orders, where there is often a delay between the filing of the proposed orders and the documents being approved and sealed by the Court.
Our experienced family lawyers and binding financial agreement lawyer can assess your situation to determine whether an agreement is suitable for you.
There are several procedural requirements for a Binding Financial Agreement to be valid, including:
Even if all the procedural requirements for a Binding Financial Agreement have been met, there are still limited circumstances in which they can be set aside. These include:
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