Property Division (Financial agreement)

A binding financial agreement is an agreement that is entered into after two people separate. A binding financial agreement is a far less expensive and stressful alternative to costly and time-consuming court proceedings.

 

If you are divorced you must formalise your property settlement within 12 months of your divorce.

 

There are three types of financial agreements: Before marriage agreements, During marriage agreements, and After divorce agreements.

 

It is a legally binding and enforceable document that formalises your property settlement setting out the terms of a financial separation between two people. A binding agreement provides both you and your former partner with legal certainty regarding the division of assets and debts of your relationship. This can include things such as the family home, vehicles, investments, and even superannuation. Each party must carefully consider their options and what is in their best interest prior to signing a binding financial agreement. We will advise you what you are entitled to and assist you in

making this important decision.

 

Each person must have received independent legal advice before signing the financial agreement. one person cannot tell the other that they will not marry them unless they sign a prenuptial financial agreement. Both parties should contain a

complete disclosure of each person’s financial circumstances. A couple in a defacto relationship separate can use this agreement also including those in a same sex relationship. One of the benefits of using a binding financial agreement is

that you do not have Court involvement.