Have you and your ex agreed on a property settlement? Thinking about whether to sign a Financial Agreement? There are some very important matters that you should know about financial agreements before you agree to sign.
Financial Agreements are private agreements, entered by consent, between parties to a marriage or a de facto relationship. They can be made prior to, during or after separation or divorce of a de facto relationship. Financial agreements can deal with all property, including superannuation, financial resources and /or maintenance of the parties to the marriage or de facto relationship. They do not deal with parenting arrangements for the children of the relationship.
The main advantage of a financial agreement is that it requires no court appearance and no approval from the court. Indeed the purpose of the financial agreement is to exclude the jurisdiction of the court, with some very few exceptions. Further a financial agreement is effective upon signing the document by both parties, and as such there are no court delays or adhering to court timetables.
The main disadvantage of entering into a financial agreement is that the agreement does not have an independent third party, usually the Registrar of the Family Court of Australia, reviewing the agreement, as is the case with consent orders which are filed at Court. It is extremely important that if you are entering a financial agreement, that you fully understand the terms of the agreement and the effect of the agreement on your financial position and circumstances.
Under the Family Law Act 1975 (Cth), there are specific requirements that must be satisfied to ensure that the financial agreement is binding. A financial agreement is binding on the parties to the agreement if, and only if:
If you are considering entering a financial agreement, speak to a family lawyer who is skilled at drafting financial agreements and understands the effects of the agreement on your financial position
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Pamela holds a Masters of Arts degree together with a Bachelor of Laws Degree from University of New South Wales.
Pamela is passionate about being a lawyer and she is successful in assisting her clients in matters that involve complex parenting and property issues. Pamela is a skilled advocate and will represent you at Court with confidence and care. She is a pragmatic and compassionate solicitor who gives her undivided attention to your matter.
Pamela is committed to her family law practice and in particular women in domestic violence. She is on the legal aid Family Law Panel and is a referral solicitor for a number of Women's Refuges in NSW. You can email Pamela at firstname.lastname@example.org