Binding Financial Agreements can be entered into by couples in a number of circumstances and can help to act as a legally binding agreement for how assets will be divided in the event of dispute, separation or divorce. One of the most common Binding Financial Agreements is the Pre-Nuptial Agreement but there are many other forms that couples can enter into. For instance, de facto couples that live together (known as cohabitation) can enter into a Binding Financial Agreement in a similar way to a married couple.
It is a condition in Australia that each party involved in the agreement must seek independent legal advice about their rights, the advantages and disadvantages of the agreement, and what it can mean if signed. This can be a complicated area of Family Law and as such we always recommend that those looking into a Binding Financial Agreement seek legal advice as soon as possible to help draft the document and ensure that all members are aware of what the document will mean. If you have any questions about Binding Financial Agreements, Pre-Nuptial Agreements, property in marriage, or need to talk to someone about your current situation then please reach out to Phoenix Law on +61 (07) 3180 0908
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