Financial Agreements & Contracts
How a Financial Agreement works
Often referred to as pre-nuptial agreements, financial agreements are signed before, during or after a marriage.
Who needs a Prenup or Financial Agreement?
You should consider a financial agreement if you own a business or property; are expecting a future inheritance; you earn more or your net worth is more than that of your partner; you have children from previous relationships; you have elderly parents that rely on your financial support; you or your partner has debt; or you want to leave your assets to others aside from your partner.
What do you include in a Prenup or Financial Agreement?
Financial agreements can cover:
● division of property, finances and debts after a marriage breakdown
● spousal maintenance
● other incidental issues
Both parties must have signed the agreement and have received independent legal advice before signing for it to be legally binding.
Are there different types of Prenups or Financial Agreements?
Types of financial agreements include:
● contemplation of a marriage (s90B);
● contemplation of a de facto relationship (s90UB);
● during a marriage (s90C);
● during a de facto relationship (s90UC);
● after separation (s90D);
● after a breakdown of a de facto relationship (s90UD).
A financial agreement may also include the parties’ agreement on other issues such as maintenance, claims on the other party’s estate after death and adult child maintenance.
While they have many benefits, financial agreements are not bullet-proof. They can be set aside if the court thinks it is justified.
If you want to draw up a Financial Agreement or need advice on its fairness contact Alan Rigas Solicitors on (02) 9635 5333.
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