Over the coming weeks, our Director, William Sloan will be writing about Financial Agreements and giving you some information as to:
- What is a Financial Agreement?
- Who can make a Financial Agreement?
- When can a Financial Agreement be made?
- Examples of situations that might make it worthwhile considering a Financial Agreement.
- What are the steps required to make a Financial Agreement.
- What are the costs involved in making a Financial Agreement.
- What are the potential costs that might arise if a Financial Agreement is not in place.
- How do Financial Agreements interact with estate planning.
- How do Australian Financial Agreements interact with foreign agreements.
- How do Australian Financial Agreements interact with foreign assets.
- Are Financial Agreements binding.
- Further information.
In this article, we look at the basics of the What, Who and When?
A Financial Agreement is a written Agreement made between the parties to a marriage or de facto relationship, which deals with their financial rights in the event of a separation.
The financial rights dealt with in a Financial Agreement can be:
- alteration of property interests;
- spousal maintenance; or
- both alteration of property interests and spousal maintenance.
There are certain matters which cannot be dealt with in a Financial Agreement, including:
- parenting arrangements; and
- child support.
If a separation occurred, then these matters would remain to be dealt with (even with a Financial Agreement in place).
A Financial Agreement can be made by:
- parties who are intending to get married;
- parties who are already married;
- parties who are intending to commence living together in a de facto relationship;
- parties who are already in a de facto relationship.
A Financial Agreement can be made:
- before parties get married or begin living together in a de facto relationship; or
- after parties have been married or begun living together win a de facto relationship.
If you are considering the preparation of a Financial Agreement, please contact our office on 6380 3900 or email firstname.lastname@example.org and we will be happy to assist you.
Our next article we will look at “Examples of situations that might make it worthwhile considering a Financial Agreement”.