Header Image

Financial Agreements

Book Now
BOOK NOW
close
Book your no obligation consultation Book your free consultation
ENQUIRY FORM Enquiry Form

What are financial agreements?

Financial agreements are a means for couples (de facto or married) to opt out of the court’s jurisdiction to deal with financial matters (i.e. property settlements and spousal maintenance), and instead enter into a type of contract for the division of assets and spousal maintenance.

Financial agreements can be entered into:

(a) Before marriage (known as pre-nuptial agreements)

(b) During a marriage (regardless of whether divorce has occurred)

(c) After divorce

For more information about documenting your agreement, please contact our Gold Coast family lawyers.

Litigation-Banner-image-9

Documenting your agreement

Upon separation, a division of your property pool will need to be affected. Division of the property pool can be achieved in a number of ways, including:

1. By coming to an agreement between yourselves, without court involvement, and informally dividing up the assets (normally referred to as a hand shake deal)

2. If you agree on arrangements for property division, you can formalise your agreement by

(a) Applying for a consent order in the Family Court

(b) Entering into a financial agreement

3. If you cannot agree on arrangements for property division, you can apply to the court for financial orders which relate to property settlement and spousal maintenance (for more information, see court process)

The below explores option 2(b), above (entering into a financial agreement).

Litigation-Banner-image-16

Is your financial agreement binding?

In order for the financial agreement to be binding:

1. It must be in writing and signed by all parties to the financial agreement

2. The parties to the agreement must not be party to another financial agreement concerning property settlement or spousal maintenance matters

3. The financial agreement must state the relevant section of the family law legislation

4. Before the financial agreement is signed the parties to the financial agreement must receive adequate advice from their independent lawyers, including advice in respect to:

(a) The effect of the agreement on the rights of that party and about the advantages and disadvantages of that party to enter into the agreement

(b) The effect of the agreement on the rights of that party

(c) Whether or not, at the time when the advice was provided, it was to the advantage (financially or otherwise) of that party to enter into the agreement

5. The parties must each receive a statement from their legal practitioner that sufficient advice was provided, and a copy of that statement has been exchanged with the other party

6. The financial agreement cannot have been terminated or set aside by a court

Background Texture

Is a financial agreement suitable for you?

While the preferred method is a consent order, there are circumstances where financial agreements are suitable. For example:

1. If the appropriate time limit has expired

2. A spousal maintenance ‘release’ (releasing your right to claim spousal maintenance) is required

3. The agreement is unlikely to be approved by the registrar for example because of the structure or payment terms of the agreement

For more information about documenting your agreement, please contact our Gold Coast family lawyers.

Services you may be interested in

Do you have a question? We're here to help you find the answer.

Enquire Now

What Our Clients Say

"After many years as a client with Ramsden Lawyers, our family find them very professional at what they do. All the staff are very friendly and are committed in their work."

- Adrian Z. | Gold Coast

"We highly recommend Ramsden Lawyers for all Litigation, Construction or Property Services. They have assisted our company in reviewing Multi Million Dollar Construction Contracts as well as navigate through legal discussions with ease, professionalism and execution. We look forward to continuing our professional relationship with the team at Ramsden for years to come."

- G. C. Projects | Gold Coast

"Their professionalism was EXCELLENT. Made the whole property purchase paperwork a delight...not the stress filled minefield I was expecting. Clear, clever, succinct and a delight to deal with. Will definitely refer to all. Thanks Ramsden."

- Ellen G. | Gold Coast

"Excellent! Highly recommend. Received great service from family law team. They were very helpful, informative and professional."

- Karen M. | Sydney

"Amazing professionalism, attention to detail and compassion when working in the sensitive area of family law. I would highly recommend Ramsden Lawyers for any legal service."

- Mary B. | Gold Coast

"Anna, you’ve made this hard battle much easier for me because of the way you actually cared about what I was going through. Always very professional and patient. I'm really glad I’ve chosen you to fight the battle of my life and even gladder to say: WE WON! Thank you very much for everything."

- Gustavo D. | Gold Coast