There are two ways by which separated couples can record their agreed property settlement in a legally binding manner without issuing court proceedings. The first is by way of an Application for Consent Orders which is lodged with the Family Law Courts and dealt with administratively. The second is through a Financial Agreement in the case of defacto couples or a Binding Financial Agreement in the case of married couples.
A Financial Agreement can be entered into prior to, during or after a defacto relationship. A Binding Financial Agreement can be entered into prior to marriage, during a marriage or after Divorce. Both types of Agreements effectively enable the parties to contract out of the jurisdiction of the Family Law Courts by entering into a private contract recording the final distribution of their property. There are very strict requirements that must be followed to the letter to ensure the Agreements are enforceable. Both parties must seek independent legal advice and obtain a certificate from their respective lawyers confirming they have each been advised about the advantages, disadvantages and the effect of entering into the Agreement.
Both Financial Agreements and Binding Financial Agreements can be set aside in certain circumstances. These circumstances include fraud, misrepresentation, mistake, duress, undue influence, impracticality and in some cases where circumstances concerning children result in financial hardship.
Ward Keller’s family law team can assist you with a Financial Agreement.
Our family law team offers an initial consultation at a reduced cost $110 for the first 30 minutes. Any costs beyond the initial consultation will be discussed with you at the conclusion of your attendance.
If you would like to make an appointment for an initial consultation please contact Leah Cullen on 89462982.