Family law and Financial agreements

by Paris Cominos

Financial Agreements are confidential agreements, entered by consent, concerning parties to a marriage or a de facto partnership. They're produced in advance of, throughout or after separation or divorce of a de facto relationship. Financial agreements can tackle all property, which includes superannuation, finances and / or maintenance of the parties to the marriage or de facto relationship. They don't handle parenting arrangements regarding the children of the relationship.

The most important selling point of a financial contract is that it requires no court appearance and no consent from the court. Actually the reason for a financial deal is to eliminate the effect of the courtroom, with some only a few exclusions. In addition a financial accord is effective after signing the document by both parties, and thus there are no court hold ups or sticking to court timetables.

The primary issue with moving into a financial agreement is the fact that the contract does not come with an independent alternative party, usually the Registrar of the Family Court of Australia, considering the agreement, as is the case with consent orders which are applied for at Court. It is quite essential that when you are going into a financial agreement, that you fully comprehend the terms and conditions of the accord and the outcome of the deal on your monetary outlook and scenarios.

So what standards have to be fulfilled before a Financial Agreement is binding?

By the Family Law Act 1975 (Cth), there will be very specific standards that should be fulfilled to make certain that the financial deal is binding. A financial agreement is obligating on the parties to the accord if, and only if:

The contract is in writing and signed by each parties; and

The parties are thinking about getting into a marriage or de facto relationship, are actually in a de facto relationship or marriage, have separated or divorced; and

It consists of a statement from each party to the deal, before the agreement was signed that the party obtained independent legal advice on their rights and the benefits and drawbacks at the time that the advice was offered to the party of constructing the agreement; and

Either before or subsequent to signing the contract, each party was provided with a signed declaration by a legal practitioner demonstrating that the instruction with respect to the parties rights and disadvantages and benefits in coming into the financial agreement was given; and

A copy of the legal practitioner's statement is provided to the other party or to their <a href="http://www.cominoslawyers.com.au/CominosLawyers1960/Page/21233/DivorceFamilyLaw.aspx">divorce lawyers</a>; and

The contract has not been concluded and has not been put aside by a court and

Incorporates a separation declaration except if the agreement is endorsed post-divorce.

If you are contemplating going into a financial accord, speak to <a href="http://www.cominoslawyers.com.au/">family law firm</a> who are proficient at drafting financial agreements and understand the effects of the financial contract on your fiscal &#65279;circumstance&#65279;.



At Cominos Lawyers, a progressive new Sydney <a href="http://www.cominoslawyers.com.au/">family lawyers</a>, we put a personalised touch to our relationship with women and men as our clients. <a href="http://www.cominoslawyers.com.au/CominosLawyers1960/Page/21233/DivorceFamilyLaw.aspx">Family law property settlement</a> is one of our specialities so ring our office now.

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