Factors to know about Financial Agreements in Australia

by Pam Cominos

There are a number of crucial concerns that you must are aware of concerning financial agreements before you decide to agree to sign. Considering if you want to sign a Financial Arrangement? Have you and your ex wife agreed on a <a href="http://www.cominoslawyers.com.au/CominosLawyers1960/Page/21233/DivorceFamilyLaw.aspx">property settlement</a>?

Financial Agreements are special agreements, entered by consent, between private parties to a marriage or a de facto relationship. They can be signed previous to, during or subsequent to split or divorce of a de facto relationship. Financial agreements can do with all property, along with superannuation, investments and /or maintenance of the parties in the marriage or de facto partnership. They don't incorporate parenting measures regarding the kids of the relationship.

The leading selling point of a financial contract is that it mandates no courtroom appearance and no certification from the court. In truth the reasoning behind the financial agreement is to eliminate the effect of the court of law, with some not many exceptions. Additionally a financial agreement is effective upon signing the record by both parties, and consequently there will be no court holds up or staying with the courtroom timetables.

The principle pitfall with getting into a financial agreement is that the agreement does not include an independent third party, usually the Registrar of the Family Court of Australia, reviewing the details of the agreement, just like consent orders that are filed at Court. It is quite crucial that when you are getting into a financial agreement, that you fully comprehend the terms of the agreement and the final result of the agreement on your personal financial future and circumstances.

In case you are considering getting into a financial contract, chat with a <a href="http://www.cominoslawyers.com.au/">family lawyer</a> who's knowledgeable at drafting financial agreements and is familiar with the results of the deal on your financial situation. Under the Family Law Act, there exist very specific standards that must be satisfied in order that the financial agreement is binding; these standards are cited beneath.

- The contract is in writing and agreed by both people; and

- The parties are considering going into a marriage or de facto relationship, are currently in a de facto partnership or marriage, have separated or divorced; and

- It provides a statement from each party to the contract, before the agreement was approved that the party used impartial legal help with their rights and the positives and negatives at the time that the advice was produced to the person of producing the contract and

- Either before or subsequent to signing the contract, each individual party was supplied with a signed statement by a authorised professional evidencing that the guidance with regards to the parties rights and disadvantages and benefits in entering the financial contract was presented; and

- A duplicate of the legal practitioner's declaration is given to the opposite party or to a legal practitioner of the other party; and

- The agreement hasn't been ended and has not been put aside by a court of law; and

- Contains a divorce statement except if the agreement was endorsed post-divorce.



Cominos <a href="http://www.cominoslawyers.com.au/">family lawyers</a> in Sydney CBD and Parramatta specialise in <a href="http://www.cominoslawyers.com.au/CominosLawyers1960/Page/21233/DivorceFamilyLaw.aspx">family law property settlement</a> along with other family law concerns.

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