Creating a Financial Agreement allows you to handle the settlement of property matters in a peaceful way.
You and your partner can control the process and work out for yourselves how you want to divide your property and financial resources in the event of a relationship breakdown.
You can do this in your own time without incurring expensive legal fees, employing combative lawyers or going to court.
Who can use Financial Agreements?
All couples, whether they be defacto, married, separated or divorced, hetero or same sex can enjoy the protections offered by financial agreements.
What is a Financial Agreement?
It is a written agreement that allows you to choose how to divide property and financial resources in the event of a relationship breakdown.
It helps you to:-
- Avoid potentially divisive issues that could arise if you ever separate.
- Specify ground rules for buying and owning property.
- Coordinate and support your estate plans, to be sure that family property passes as you wish.
- Avoid costly litigation following a relationship breakdown.
While the main effect of a financial agreement is to prevent either party making an application to the Family Court for the division of assets in a property settlement. The aim of introducing Financial Agreements is to encourage all couples to agree about how to divide their property in the event of, or following, separation.