Financial agreements are made according to certain sections of the Family Act. If you. B consider a marital agreement, you must conclude your agreement in accordance with section 90B. If you are married or separating from a marriage but are not yet divorced, you need an agreement under Section 90C and divorced couples are covered by section 90D. All amendments or issues will be negotiated and the agreement will be formally implemented by both parties and their lawyers. If prepared and negotiated in a thoughtful and methodical manner, financial agreements are validated by a Court of Justice. Whether a financial agreement is reached before, during or after a relationship is broken up, the parties are bound by normal contractual principles. You can be a married couple, de facto or of the same sex — it doesn`t make any difference. All are treated the same under the Family Law Act and anyone residing in Australia can enter into a financial agreement. The idea of a couple financial agreement, if you`re not married, may seem a bit ridiculous. Perhaps one of the reasons why you did not get married, because you are not ready for a formal financial agreement between the two of you.
While you`re doing it, you`re talking about your financial goals and expectations. You might find that they have very different ideas about how you should manage your money. It`s not necessarily a problem as long as you understand yourself and find a way to come up with a satisfactory financial plan for both of you. You should talk to your lawyer about the agreement long before the marriage breakdown or the beginning of the de facto relationship. If the agreement is hastily prepared, important considerations may be overlooked and the closer the date, the more likely it is that the agreement will be reversed on the basis of constraints. The more carefully put into the preparation of the agreement, the more likely it is to be binding, and the more likely it is that you will be satisfied with the terms of the agreement if the relationship breaks. One of the reasons it is good to enter into a financial agreement is because it is a unique opportunity to learn the other`s approach to financial management. You may find that you have totally different approaches to managing your money, and in this case, it is even more important to establish an agreement that you can comply with.
You`ve probably heard the saying that the biggest fights are couples over money — well, we`re here to tell you it`s true! Put each partner`s expectations and commitments as clearly as possible to resolve arguments before they happen. The law also recognizes that individuals should be able to split their assets by mutual agreement in the event of dissolution or dissolution, without the intervention of the court. An agreement reached before or during the relationship determines the distribution of the parties` assets or financial resources when the relationship ends. A financial agreement reached after the breakdown of a relationship formalizes the asset sharing agreed between the parties. If a financial agreement is reached without careful consideration, circumstances that have not been anticipated and which make the terms of the agreement unfair may arise. In addition, the Tribunal has taken a very strict approach to determining whether a binding financial agreement complies with the requirements of the legislation and, therefore, it is difficult to give assurance that an agreement will withstand the Tribunal`s control.