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Financial Agreements

Financial Agreements – The What, Who and When?

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?

What is a Financial Agreement?

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).

Who can make a Financial Agreement?

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.

When can a Financial Agreement be made?

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 kwclegal@kimwilson.com.au 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”.

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