What is a Financial Agreement?
A financial agreement is a document that can be made by persons in a relationship who are intending to marry, are already married or have already divorced at any of the following times:
- prior to the marriage (in which case the document is commonly known as a "pre-nuptial agreement");
- during the marriage; and
- after divorce.
Financial Agreements document are used as a way of enabling couples to opt out of the Court's jurisdiction to deal with property and spousal maintenance under the Family Law Act 1975 (Cth).
A Financial Agreement documents:
- each of the individual's assets;
- the individuals' intentions regarding contributions during the marriage;
- in the event of the marriage breaking down, what is to happen to their property and maintenance.
- you are in a second marriage and you have children from a previous relationship and you wish to protect the interests of your children in your estate;
- you (and/or your intended spouse to a second marriage) have valuable assets and those assets have already been the subject of litigation in the Family Court where the first marriage has broken down; or
- you (and/or your intended spouse to a second marriage) will be entitled to receive valuable inheritance property during the intended marriage and either of you wish to protect such inheritance property should a divorce occur.
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