we can help couples avoid the financial stress and uncertainty involved in family separation.
Sometimes known as pre-nups, these agreements can actually be made at any stage of a marriage or de facto relationship, to detail how a couple will divide their financial resources in the event of separation.
Financial Agreements make sense for many families particularly in second marriages or blended families. Such agreements set out how the couple’s property, liabilities and financial resources will be divided if they separate.
In the event of separation, a Financial Agreement will override the Family Law Act to determine how the property pool of the couple should be divided. Having such an agreement can save a significant sum of money, in particular the costs associated with property settlement negotiations.
For many, a Financial Agreement is the equivalent of income protection insurance or life insurance.
These agreements are often used where one or both partners have significant property and wish to isolate some of their pre-accumulated assets for the benefit of children. For business owners with business partners or in partnership with third parties, the significant stress and financial uncertainty involved with family separation can be avoided if a Financial Agreement is prepared that determines how any business interests will be treated in the event of a relationship breakdown.
We would suggest that prior to giving instructions for the preparation of a Financial Agreement that the couple are in agreement as to the terms of the Agreement. Like any other family law matter we are involved in, our aim is to provide a respectful process whereby the relationship of the parties is maintained and can continue in harmony despite Financial Agreement negotiations taking place.
The simplest and most cost-effective way for us to help you plan the best way forward for your family is for you to meet with one of our solicitors. Only by meeting with you and discussing this in detail, can we recommend the right plan for you and your family.