Financial agreements
Although courts have traditionally refused to permit married couples from entering into property and maintenance agreements, legislation has now been passed to allow parties to a marriage to enter into binding financial agreements. When occurring prior to marriage, these are commonly referred to as pre-nuptial agreements, a term we often hear on American television shows. These agreements can also act in substitution of a couple's personal property rights under the Family Law Act 1975.
There is no requirement for court approval or registration of a financial agreement, however both parties must have independent legal advice, and the lawyer must attest to giving such advice.
Married couples can enter into one of four types of financial agreements:
- Before marriage
- During the marriage but before separation
- After separation
- After divorce
Couples in a defacto relationship can also enter into cohabitation and/or separation agreements that deal with property and financial issues. The Property Law Act 1974 facilitates defacto couples entering into legally binding financial agreements before or during cohabitation, or in contemplation of or following separation.
To find out more, please contact our Family Law team.