Pre-Nuptial/ Financial agreements

A financial agreement in family law can apply to both marriages and a de facto relationship. The agreement can be entered into prior to the marriage or relationship, during or after the marriage. A financial agreement will cover:

· Superannuation

· Spousal maintenance

· Property, finances and the debts

· Other related issues

In order for a financial agreement to be legally binding, both parties wishing to enter into the agreement must sign the agreement and obtain independent legal and financial advice prior to signing the agreement. Independent legal advice is when each party obtains their own solicitor to advise them.

It is important to keep in mind that a financial agreement can be set aside. Under the Family Law Act 1975 (Cth) the court can set aside the agreement for the following reasons:

· Void/unenforceable (mistake, misrepresentation, duress etc);

· Fraud (failing to disclose material)

· Creditor’s interest;

· Impracticable (should there be a change in circumstances);

· Unconscionable conduct;

· Hardship (change to a child/ren and the agreement if continued would cause hardship);

· Superannuation.

A financial agreement can also be terminated by the parties should the parties sign a new agreement or specifically sign a document terminating the agreement.

Our office can advise you on drafting a financial agreement as well as entering into a financial agreement.