There are a number of advantages and disadvantages to consider when setting up a binding financial agreement. In this video, we look at the big pros, cons, and legal loopholes. The Family Law Act provides for binding financial agreements between the parties to a marriage and between the parties to a de facto relationship. These agreements can be made before, during or after the marriage or de facto relationship. Agreements made before marriage are commonly referred to as „marriage contracts”. It is important that the parties present a detailed history of their relationship with their spouse, as well as a detailed description of their financial situation, including a list of their assets and liabilities, as well as any expectation of obtaining future estates or gifts. You should also provide information about your future plans with your spouse, for example if you intend to have children during your relationship, if any of you expect to undertake risky business or if you intend to leave the staff quickly to take care of the children or if one of the parties is considering retirement, 7 It allows for faster resolution of financial matters at the end of the relationship. A binding financial agreement is an agreement between de facto couples, soon to be married or already married, concluded either before, during or after their relationship. Whether you plan to get married or stay in a de facto relationship for the foreseeable future, make the deal while being happy in your relationship, you are much more likely to end up with a marital or de facto agreement, which is fair to both of you and will save you time and money. It is important that you work with an experienced lawyer to prepare your binding financial agreement.
Our team of family lawyers in Brisbane is experienced in managing complex scenarios and the related tax and wealth implications. Many relationships have many or all of the elements mentioned above, you may be in a de facto relationship and not even recognize it. A well-crafted financial agreement, prepared after being duly weighed by the parties over what they need, can allow a couple to establish their relationship knowing that at the end of the relationship, they won`t have to argue over the division of their property. This can be especially important for someone who has already experienced a relationship breakdown. .