Terms To Follow When Getting Binding Financial Agreement In Australia
Anyone stepping into a marriage or de facto relationship in Australia
might wish to write up a legal agreement detailing how property and
savings will be split up in the event of a divorce or relationship
breakdown. This is known as binding financial agreement in Australia
although many refer to it as a separation agreement or simply a pre- or
When you begin a binding financial agreement, you keep in control of your assets and judge which party gets which items. The emotional and financial costs of the legal proceedings are greatly reduced and you can begin to carry on with your new life. Communication between former partners gets better by using a financial agreement and also your relationship as parents, if this situation applies, often works better. The best time to arrive at a financial agreement is when you're still acting as a couple so you can make rational decisions. Emotions are unlikely to come into play if this happens.
How can you start establishing a binding financial agreement in Australia? Specific conditions must be met to ensure the contract is logical and enforceable. Both individuals must seek independent legal advice from different legal practitioners before the agreement is signed. The legal practitioners are required to explain how going into the agreement will affect the right of each party and outline the advantages and disadvantages of an agreement of this type. A signed statement should be provided by the legal practitioner proclaiming that the advice was presented and this statement has to be shared with the legal advisor for the other party. Additionally, any spousal maintenance to be provided must be presented in the document. The financial agreement in Australia has to be written and signed by both persons.
Particular situations can certainly make a binding financial agreement in Australia invalid and unenforceable. Fraud is just one issue. If either party has failed to disclose a 'material matter', the contract could be put aside by the court. The same is true if the agreement has been inked for a fraudulent purpose. If there is a material change in situations, the court may set the contract aside and the same is valid if some terms are voidable, void or unenforceable. Other situations may happen that make the contract invalid.
Never ever enter into a binding financial agreement without following these steps. When you do so, the court will likely set the agreement aside as if it do not ever existed. Talk with legal council to have an agreement drafted. When you do this, you could save yourself a great deal of time and frustration in case the relationship doesn't last.
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