What's happening?
A financial agreement is a document couples can use to set out how their property and finances would be divided if the relationship ends. These agreements can be made before a relationship (sometimes called a 'prenup'), during it, or after separation, and are available to both married and de facto couples.
For a financial agreement to be legally binding, certain formal requirements need to be met, including each party receiving independent legal advice before signing.
What could it mean for me?
- A properly made agreement can provide certainty about how property would be divided
- Agreements that don't meet legal requirements may not be enforceable
- Circumstances can change significantly over time, which is worth considering when drafting
- Independent legal advice for each party is a key requirement
What are my options?
- Discuss whether a financial agreement suits your circumstances
- Negotiate terms with the other party through your respective lawyers
- Have the agreement reviewed periodically if circumstances change significantly
What happens next?
- Discuss your goals and circumstances with a family lawyer
- Negotiate proposed terms with the other party
- Each party obtains independent legal advice
- The agreement is signed by both parties in accordance with legal requirements
How can MGE Lawyers help?
MGE Lawyers advises clients on preparing financial agreements and can provide the independent legal advice required for an agreement to be binding.
We explain the practical effect of proposed terms so you understand what you are agreeing to before you sign.