A Binding Financial Agreement is an agreement made under the Family Law Act 1975, which is capable of binding the parties to the matters in the agreement. The effect of the agreement if binding, is to remove the jurisdiction of a family law court to determine the matters dealt with in the Binding Financial Agreement.
Financial agreements can be made before or during a marriage or after divorce, and before during and after a de facto relationship. This page deals with financial agreements after separation of spouse parties or de facto parties.
What can Financial Agreements Cover?
Financial agreements can cover the following things:
Both the property and financial resources of the parties;
The maintenance of the parties;
Matters that are incidental or ancillary to points 1 and 2 above; and
For marriages, other matters.
This means a financial agreement can be used to consider, divide and take into account houses, cars, bank accounts, shares, businesses, trusts, companies, income, looking after children and caring responsibilities, cost of raising children, gifts, inheritance, debts, liabilities, taxes and much more.
Property Settlement Options
A financial agreement is one of a number of options available for a property settlement in Australia. Other options include an Application for Consent Orders or if necessary, Court proceedings. Sometimes a combination of these options is used for property settlement. Our family lawyers can discuss your options and guide you to decisions which suit your circumstances.
How Long do Financial Agreements Take?
Property settlements are very important matters where you are dealing with your property, financial resources, debts and liabilities and many other rights. The law aims to make a property settlement as fair as possible. This means that careful consideration needs to be given to your circumstances as the consequences of the settlement have both far-reaching and serious consequences for the parties involved. Usually, a financial agreement will take between 1 to 4 months in common circumstances.
Contact us today to discuss your property settlement or financial agreement.
More Property Settlement Options and Information
There are various important options and matters to consider in a property settlement. Choosing the best options for your circumstances can save you time, money and stress. Find links to more information about your options below, however, keep in mind that there is no substitute for the seasoned family law legal advice and service from family lawyers like us.
A property settlement can be achieved through the court where parties are unable to resolve their issues.
Property settlements can be achieved through alternative dispute resolution, including family law mediation.
Spousal maintenance or de facto maintenance allows a party to receive financial support from the other party after separation.
De Facto Family Law Property Settlement Legal Advice and Service.