Financial and Pre-Nuptial Agreements

With today's trend towards marrying later in life, and with 2nd and 3rd marriages becoming more commonplace, many couples find themselves seeking clarity concerning where they will stand financially in the event of a break-up.    

Parties often enter into relationships today with a lot at stake - some already have property or considerable assets from an inheritance for example and are reluctant to 'lose' these assets if they break up. In cases like this, they may feel more assured if there is a Financial Agreement in place that outlines who is bringing what to the relationship and what will happen to the assets if the relationship fails.  Commonly referred to as 'pre-nuptial' agreements when entered into before a marriage, couples can also sign an Agreement before entering into a de-facto relationship.

What many people don't realise is that you can also enter into a Financial Agreement during a relationship and after a break-up.

A legally binding Financial Agreement deals with property and divides the assets and liabilities of both parties involved in a relationship breakdown.  They are not exclusive to wealthy celebrities and can be used as an alternative to binding consent orders for couples that want to avoid going to court once there is a relationship breakdown.

Once you reach an agreement regarding how you would like your assets to be split, you may file Consent Orders with the Court setting out that agreement, or some couples prefer to enter into a Financial Agreement.  Both Court Orders and a Financial Agreement can be legally enforced but the Agreement does not require court approval for it to come into force. Your individual circumstances will determine which option is the best for you.  

At CDQ, our experienced family law solicitors can provide you with legal advice as to the approach that would best suit your circumstances.  Contact the CDQ team today on ph 8566 2400 for more information regarding the use of financial agreements.