Breaking A Binding Financial Agreement
Breaking A Binding Financial Agreement

When the parties enter into such an agreement, they intend to determine the terms of the agreement, not the principles of the Family Act 1975, on the distribution of their property in the event of a breakdown of the relationship or marriage. Although commonly referred to as “pre-marital agreements,” the Family Act refers to them as “financial agreements” and, to be binding, they must meet many specific requirements such as those provided for by law. It is important that you work with an experienced lawyer to prepare your binding financial agreement. Our team of family lawyers in Brisbane has experience in managing complex scenarios and related tax and wealth implications. A binding financial agreement, sometimes called the marriage agreement, defines how some or all of a couple`s assets are distributed in the event of a breakdown in their relationship. It can also manage marital maintenance. There are strict requirements to ensure the validity of binding financial agreements: the agreement must be signed by all parties, the parties must have obtained independent legal advice before signing, each party has a signed statement from practitioners and the agreement has not been terminated or annulled by the court. For a financial agreement to be legally binding, both parties must have the opportunity to ensure that all important financial information is fully disclosed in the agreement and that each party has appropriate family law advice before signing by an independent lawyer. Even if the children are involved, the agreement between the parties must be fair.

If this is the case, the couple can benefit from their relationship, knowing that they will never be exposed to costly real estate billing procedures in the future. If a party acted fraudulently or unscrupulously. Our policy at Prime Lawyers is to help our clients get approval decisions rather than financial agreements wherever possible. Instead of encouraging clients to enter into “pre-marriage agreements,” we also advise people who are considering marriage or who have a de facto relationship with respect to the application of the family law if their relationship is broken.