Binding Financial Agreements Wa

Under the Family Act, a binding financial agreement may cover asset allocation, liquidation of real estate, rights to financial resources, superannuation splitting (only for COUPLEs in VA) and maintenance of spouses. The advantage of entering into a binding financial agreement is that it gives you the guarantee of protecting assets and financial resources after a relationship breakdown. A binding financial agreement can also help avoid costly and tedious proceedings in the Western Australian Family Court after separation. Our family lawyers are often contacted by couples about to get married to get advice in the preparation of a “marriage contract”. As a general rule, one or both spouses try to protect the assets accumulated before marriage from the other spouse`s claims in the event of a breakdown of the relationship. Many people feel that such agreements can only be concluded at the time or time of marriage and call this agreement “Prenup” or “Prenuptial Agreement”. The appropriate term used in Australian family law is “Binding Financial Agreement.” Such agreements can be made not only before marriage, but also during marriage or after separation. This also applies to de facto relationships. You must go to the office for a first consultation, so that you fully understand the agreement you could reach and the projected costs of the binding financial agreement. Their estimated cost to the agreement is likely to be less than US$2,500 plus GST. In Australia, marital agreements are binding financial agreements made before the start of marriage or de facto.

By entering into a binding financial agreement, you can avoid unnecessary controversy about real estate that takes place during separation. It can also make parties feel safe when they know that the assets they have accumulated prior to their relationship or marriage are safe. The agreement will determine the agreement and can be carried out without costly legal and legal costs. When negotiating a financial agreement on diet management, they should be aware that the 90F of the Family Act 1975 and 205ZR of the Family Court Act 1997 provide that any provision of a financial agreement to exclude or limit support payments may be inoperative if the host party was not in a position to do so at the time the agreement came into force. to support yourself.