Family Law Firm – Binding Financial Agreement
Get Expert Legal Help to Protect Your Financial Condition
What is Binding Financial Agreement?
A binding financial agreement or financial agreement refers to a legal agreement between the couple (married or de facto) that helps them finalize their financial matters in case of relationship breakdown (separation or divorce).
Our established law firm can help you during the filing and proceedings of a binding financial agreement. We work with you to evaluate your situation and create a contract in your best interest.
What the Binding Financial Agreement Covers?
Generally, a binding financial agreement covers the following:
- Separate and joint assets
- Financial resources and liabilities of each party involved
- The maintenance payment or financial support to a party
- Any incidental financial matters
Depending on your specific situation or matter, your binding financial agreement may include all the liabilities, resources, or financial assets of both parties. It may deal with only specific financial resources, assets, or liabilities.
When Can You Enter the Binding Financial Agreement?
There are a few conditions under which you can enter the binding financial agreement, including the following:
- During your marriage (irrespective of whether your divorce has occurred or not)
- Before your marriage ( as a pre-nuptial agreement)
- After your divorce
To make the binding agreement, you should meet some conditions, one of which is that each party involved should get independent legal advice.
At (law firm name), can help you draft a binding legal agreement according to your specific needs. We closely work with you to understand your concerns and ensure that the agreement complies with legislative requirements. We also involve accountants, succession lawyers, and real estate specialists in our network if needed. We make sure your binding financial agreement covers all necessary aspects and give you the agreed-upon results.
When Can You Consider a Binding Financial Agreement?
You can consider undergoing a binding financial agreement in several situations, including but not limited to the following:
- You want to ensure that property division is settled upfront so that you don’t have to go to court later.
- You are operating a family business or have made some investment and want to preserve it.
- You are getting into a new relationship, and you want to protect the financial future of your children from the previous relationship.
- You expect to receive a valuable gift or inheritance from someone shortly and want to protect it with a binding financial agreement.
Through a financial agreement, you get an opportunity to settle what happens to your financial assets in case of divorce or separation out of court with your spouse or partner. However, under the Family Law Act 1975, in specific situations, a party can seek the court’s help and set aside the financial, legal agreement.
Our knowledgeable and experienced team at (law firm name) can help you draft and negotiate the terms of a binding financial agreement according to the law. We ensure to keep your best interest in view while drafting and negotiating the contract to protect your assets.
Call us now to schedule a free initial consultation and explore how we can help you!
Binding Financial Agreement Lawyer (Gold Coast, Brisbane, Tweed Heads, Lismore): 07 5661 3000