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Binding Financial Agreements Victoria

The Family Act of 1975 provides for parties to a marriage or, de facto, to enter into a binding legal agreement on financial arrangements in the event of a breakdown of their marriage or de facto relationship. Sometimes people know these agreements as “marital agreements,” but the legal term is “financial arrangements.” This is a written agreement that allows you to choose the allocation of assets and financial resources in the event of a relationship breakdown. If you want this agreement to be binding and enforceable in court, you must have legal advice before signing, but do not run away, there is only one happy ending to this story. It is important to seek advice from an experienced family lawyer before discussing financial issues arising from a separation with your spouse or partner. Family law can be complex and each case is different. We can accompany you and propose possible solutions to your situation. Some division couples may find it very stressful to talk about financial matters – for these people, we can negotiate on your behalf and get a fair real estate plan without having to directly confront your spouse or partner. As a result, the rectified agreement was considered legally binding. Compelling financial agreements can cover issues such as real estate management in the event of a relationship breakdown and financial assistance, including the maintenance of spouses. Paragraphs 90B-90KA of the Family Act 1975 deal with the financial agreements of the parties to the marriage. Sections 90 AU-90UN apply to financial agreements made by common-partner couples. The Act provides for financial arrangements between common couples only if the parties to the relationship were normally established in New South Wales, Victoria, Queensland, southern Australia, Tasmania, the Australian Capital Territory, the Northern Territory or Norfolk Island when the agreement was reached.

The Family Law requires that a financial agreement be binding on the parties: married or de facto couples (including same-sex couples) have the right to enter into financial agreements on legally binding financial matters. Such an agreement (sometimes called binding financial agreement, BFA, pre-contract agreement, pre-nuption or cohabitation agreement) can be concluded before, during or at the end of a relationship. At the end of a relationship, it is necessary to determine how you divide your assets and financial resources.