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Legal Services
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Financial Agreements
On 27 December 2000, Part VIIIA was introduced into the Family Court Act 1997. This Part provides for specific agreements that parties can make while conteplating marriage (pre-nuptial agreements), during marriage and after divorce.
Similar provisions were then introduced in the Family Court Act 1997 that provide for such agreements that parties can enter into before, during and after a de facto relationship.
These agreements can deal with how all or any of the property or financial resources of either or both parties are to be dealt with. These agreements can also deal with the payment of maintenance between the parties.
When executed correctly, these agreements are binding and therefore prevent the financial matters contained in the agreement from being dealt with by the Family Court, save for enforcement of the terms of the agreement, which can occur in Family Court.
There are many circumstances in which a financial agreement can be appropriate; including:
- Subsequent marriages or relationships
- Prior accumulation of assets or financial resources
- Preservation of a family business or farm
- Preservation of an inheritance for pre-existing children
- Protection of an inheritance
- Avoidance of scrutiny by the Family Court
These agreements are usually complex and it is mandatory that each party to the agreement obtains independent legal advice. The legal advisors of each of the parties will themseleves need to execute a certificate confirming their independent advice as one of the requirements to make such an agreement binding.
Klimek & Co can assist with the drafting of a Binding Financial Agreement or simply providing advice as to the terms of a Binding Financial Agreement that has been prepared by the other party.
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