Financial and Prenuptial Agreements
Financial and Prenuptial Agreements (also commonly referred to as a “prenup”) can be drawn up before, during or after a marriage or de facto relationship commences. These documents are designed to protect the assets of each partner and establish a mutual understanding as to what will happen in the event the relationship comes to an end.
How we manage, invest, spend and save our money can be a source of contention when you start sharing bank accounts or financial burdens. Love may bring two people together, but in many instances, money can drive them apart.
There are different types of financial agreements available to provide peace of mind to couples in the event a relationship breaks down. Family law disputes can be extremely costly; if you can establish an understanding about financial matters early on, it may save you a lot of stress and money in the long run.
The process of drafting a financial agreement promotes transparency and can give partners a chance to disclose and address any issues such as debts they may have, so that they won’t come as a surprise later.
In addition to deepening communication, financial agreements can help eliminate some of the fear of the unknown, which allows couples to better focus on building their lives together.
Getting expert legal advice is crucial when preparing a financial agreement. At Attwood Marshall Lawyers, our family Lawyers will tailor your agreement to ensure it meets all the necessary requirements and is correctly executed. We will provide you with guidance on what should be included in a financial agreement and will take into account your unique circumstances.
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If a Financial Agreement is not carefully drafted and executed in a legally binding way, the Family Court can set the document aside. The most common reasons this may happen are:
- If the agreement was made under duress or by way of unconscionable conduct;
- If one party failed to disclose assets or liabilities which would have been relevant to the agreement;
- If one party entered the agreement in an attempt to defraud or defeat a creditor;
- If there have been significant changes in circumstances to either or both parties which makes it impractical to uphold the agreement.
If you do not have a financial agreement with your former partner or spouse, you will need to negotiate a property settlement by applying to the Family Court who will make a determination.