What is a Binding Financial Agreement?
Sometimes people know these agreements as “prenuptial agreements” but the legal term is “financial agreement”. A binding financial agreement is a legal document that sets out each parties assets and how it is to be divided in the event of a separation.
The agreement may include:
- Distribution of property;
- Debts and other finance matters;
- Spousal maintenance; and
- Other matters.
When can you make a Binding Financial Agreement?
A Binding Financial Agreement can be made before, during or after a marriage or de facto relationship.
Independent Legal Advice
For a Binding Financial Agreement to be valid, each party to an agreement must receive independent legal advice.
If you need legal advice and/or need help drafting a Binding Financial Agreement, contact us to speak to an experienced family lawyer.