Financial Agreements
In both marriages and de facto relationships, couples can make binding financial agreements, whether before, during or after the relationship or marriage. Most people have heard of a pre-nuptual agreement, which is perhaps the best known type of financial agreement.
These agreements can cover a variety of matters: they can cover what is to happen if a separation occurs, what is to happen on a day to day basis, and even what is to happen on the death of a partner. If the proper formalities are complied with, such agreements will in almost all cases stop a court becoming involved and making property orders. Obviously the benefit of a binding agreement is that if a relationship does not work out, there is no room for an argument about who gets what – that has already been agreed.
Financial agreements are very desirable where there is a big discrepancy in the financial positions of the couple, and are often used when a young couple is receiving substantial help from one of their parents. They are also important in second relationships, where both parties may have children of their own whom they want to protect financially.
One of the trends in recent years has been the mature age repartnering. Here a couple may have children and grandchildren, and substantial assets. In these cases, careful planning will usually require not just a financial agreement, but wills and powers of attorney as well.
No one starts a marriage or de facto relationship believing that it will fail, but the sad fact is that over a third will fail. Having a binding agreement is not necessarily a sign of pessimism, but rather an acceptance of a possibility. For many, though, broaching the subject is very difficult, and in our experience sooner rather than later is important – presenting an agreement on the steps of the church is not recommended!
The Family Law team at Quinn & Scattini is experienced with financial agreements. We can discuss an agreement with you, prepare one for you or advise you about one you have been asked to sign. It is our job to make sure an agreement gives you the protection or the entitlements that you want. And remember, you can talk to an experienced Family Lawyer at any of our offices.
If you would like to find out how Quinn & Scattini can help you, please call us on 1800 999 529, or email us at mail@quinnscattini.com.au
