There are a number of conditions which must be met in order for a financial agreement to be binding on both parties.  As a starting point it must be in writing and signed by both parties and the parties must either be married or in a de facto relationship, be entering into a marriage or de facto relationship or be separated or divorced.  

As part of the process, both parties must receive independent legal advice in relation to the financial agreement and the financial agreement must include a statement to that effect along with a certificate signed by their solicitor confirming that they received independent legal advice about the advantages and disadvantages of entering into the agreement.  

There are also specific documents which must be included in the financial agreement and which must be provided to the other party or their lawyer.  We will ensure that all the correct steps are taken so that your financial agreement is binding.  

It is a legal requirement that you receive independent legal advice in relation to a financial agreement or it will not be enforceable.

If you have not yet signed the agreement then you can choose to have your lawyer negotiate the terms so that you are happy with them or you can simply not sign the document.  

If you have already signed the financial agreement in a binding manner then you will need to have the original agreement overturned by the Court.  There are specific circumstances where this can occur.  Your family lawyer will be able to help you with this process.

Yes, however it must be properly prepared and otherwise meet the criteria for it to be a binding financial agreement. 

There is no set list of items which must be covered under a binding financial agreement.  Some things to consider include:-

• who keeps the house; 
• spousal maintenance; 
• asset and liability splits; 
• vehicle ownership and registrations; 
• superannuation; 
• distribution of business assets; 
• dissolution of partnerships and dealing with other corporate entities; 
• family trusts; and 
• inheritances

A binding financial agreement can also help indemnify you against future claims under the Family Law Act which means that your former spouse should not be able to come back for a second piece of the pie.