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Financial Agreements in De Facto Matters

Family Law, Divorce Lawyer, Property Settlement, Child Custody, Defacto Law

A Binding Financial Agreement is a legally binding agreement that can be entered into between people in the following situations:

1. Couples who are intending to enter into de facto relationships.
2. Couples who are already in a de facto relationship.
3. De facto couples who have separated.

If you are married, or contemplating marriage and wish to enter into a Binding Financial Agreement, information is available on this web site under the heading “Binding Financial Agreements in Marriages (including pre-nups)”.

Under the Family Law Act, a properly drafted Binding Financial Agreement can override the ability of the Court to make property Orders in relation to the matters covered in the Agreement. Instead, property is divided in accordance with the terms of the Agreement. Binding Financial Agreements can also deal with obligations that partners will have towards each other and other financial matters that may apply either during or after the relationship should separation occur.

If you are intending to enter into a de facto relationship, or you are already in a de facto relationship, but not separated, you may want to have a Binding Financial Agreement so you have some certainty about how property will be divided in the event you separate at some later date. In some cases, Binding Financial Agreements are particularly attractive to a party who has brought greater assets into the relationship than the other partner, or where one party wishes to protect a certain asset from a future claim (such as property a party may have, or anticipates, inheriting). At other times, one party may wish to ensure that some or all of their assets are preserved for their children from a previous relationship.

For couples who are already separated, a Binding Financial Agreement can be used to formalise an agreement about how property is to be divided without the intervention of the Court.

Couples may also wish to enter into a Binding Financial Agreement so that each partner knows and agrees what their financial obligations are during the de facto relationship and to avoid any disharmony and in order to provide certainty and avoid Court proceedings in the event the de facto relationship does break down.

In order for a Binding Financial Agreement to be legally binding, there are certain requirements that must be met. Our Lawyers are able to explain to you the advantages and disadvantages of entering into a Binding Financial Agreement in your circumstances, and can draft and negotiate the terms of such an Agreement for you. The Legislation is quite specific in terms of the drafting requirements for Binding Financial Agreements and therefore it is important to use a Family Lawyer who is well acquainted with the Legislation and experienced in drafting such Agreements.