When Is Binding Financial Agreement In Australia Needed?
Anyone getting into a marriage or de facto relationship in Australia would like to
set up a legal agreement describing how property and money will be divided up in case of a divorce or relationship breakdown. This is referred to as a binding financial agreement in Australia while some refer to it as a separation agreement or maybe a pre- or post-nuptial agreement. No matter what this agreement is termed, as long as it is reasonable and enforceable, the court could use it to split assets based on the wishes of the parties involved. What are the good things about having an agreement of this type?
When you set up a binding financial agreement, you remain in control over your assets and decide which party gets which items. The emotional and financial costs of the legal proceedings are greatly reduced and you can begin to proceed with your new life. Communication between former partners enhances by using a financial agreement as well as your relationship as parents, if this scenario applies, often works more effectively. The best time to get to a financial agreement is when you are still acting as a couple so you can make reasonable decisions. Emotions are less likely to come into play if this is the case.
How will you go about establishing a binding financial agreement in Australia? Specific situations should be met to ensure the contract is legitimate and enforceable. Both people must seek independent legal advice from different legal practitioners before the agreement is signed. The legal practitioners are required to explain how entering into the agreement will affect the right of each party and outline the advantages and disadvantages of an agreement of this type. A signed statement has to be provided by the legal practitioner proclaiming that the advice was given and this statement should be shared with the legal advisor for the other party. Moreover, any spousal maintenance to be presented has to be outlined in the document. The financial agreement in Australia should be written and signed by both people.
Certain situations will make a binding financial agreement in Australia unacceptable and unenforceable. Fraud is one scenario. If either party has failed to disclose a 'material matter', the contract can certainly be set aside by the court. The same is valid if the agreement has been inked for a fraudulent purpose. If there is a material alteration in conditions, the court may set the contract aside and the same is valid if some terms are voidable, void or unenforceable. Other situations may take place that make the contract invalid.
Never ever get into a binding financial agreement without pursuing these guidelines. When you do this, the court will likely set the agreement aside as if it do not ever existed. Work with legal council to have an agreement drafted. When you achieve this, you can save yourself a considerable amount of time and frustration in case the relationship doesn't last.
by: bfasupport
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