Financial Agreements

Whether you are married or in a de facto relationship, a financial agreement is a much cheaper and easier way to reach a legal agreement without the need to proceed to court.

The purpose of a financial agreement is for a couple to decide how they will separate their money, assets, financial obligations, and parenting responsibilities after your relationship breaks down. These details then become a legal agreement.

We can help you make the best decisions for your family by giving you the right information and advice.

What are the benefits of having a financial agreement?

You may not want to think of your relationship as something that could end, let alone make plans for it. But a financial agreement is a cost-effective way to work out arrangements after the relationship has ended.

The main benefits are:

  • The emotional impact of divorce doesn’t influence decisions
  • You can avoid lengthy and expensive legal proceedings
  • Parenting arrangements are easier to establish if some decisions are made immediately
  • Communication between each party is more effective making it easier to resolve other types of conflict

What can be outlined in a financial agreement?

Financial agreements usually cover the following thing:

  • Child maintenance – also known as child support
  • Superannuation entitlements
  • Property settlement
  • Business-related finances

Once these details have been drawn up in a financial agreement, they are binding. Both parties waive their rights for the court to make decisions about the details of the agreement should the relationship end.

Neither party can enter into a financial agreement without receiving independent legal advice. This advice must include the advantages and disadvantages of the contract. A signed official statement must then be swapped between parties to say they agree to proceed with the agreement.

Setting aside a financial agreement

To set aside an agreement in court means that the agreement is overturned and is no longer valid. A financial agreement can be set aside by a court if:

  • It is decided that the agreement was founded on fraudulent grounds. Sometimes this occurs when one party failed to disclose proper information about their finances.
  • The agreement was entered into because of undue influence or duress
  • The situation has changed so much for one or both parties that the agreement is no longer practical
  • Circumstances have changed, and the agreement would have a negative impact on a child
  • There are complications with either parties superannuation

If you would like more information about the setting aside of a financial agreement, please contact our offices.

How can Rafton Family Lawyers help?

Our lawyers listen and give you the right advice for your individual situation. This means that you can have peace of mind about the future.

We are specialists in family law. Not only do we know what needs to be done, but we experience it in the legal system with our clients every day. This is why we are one of the leading family law firms in the Sydney region. Our experience and expertise set us apart.

If you need legal advice from a team that wants what is best for you and your family, we are here to help. Contact one of our offices for more information.

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