Parties to a relationship, either married or de facto, may enter into an agreement that may prevent the courts from participating in the consolidation of real estate after separation. In this way, arrangements can also be made for the ongoing financial and marital maintenance for one or both parties. If something changes, if you inherit, if your parents want to offer you a property or a lump sum in cash, if you expected it or if you didn`t expect it, and that changes — ask for advice and make another deal. Many Australians would see the value of devoting time to evaluating a business opportunity, and would do research and perform due diligence before investing in one. However, not many Australians are considering the potential risks of a relationship breakdown as we begin it. It is always a good idea to take into account the financial and other consequences of relationship breakdowns and to take steps to protect against these risks. Transparent and open communication with your partner is the key: ultimately, it`s about creating a climate of security, security and stability. These types of agreements are common for couples who enter into a second marriage or who have a fortune before marriage and wish to retain these assets as separate property. No one enters into a relationship that expects it to end, but sometimes they do, by choice or circumstance. If the unexpected happens, wouldn`t you like to decide on your own colony instead of imposing one on them? Our family lawyers in Melbourne can help you reach a binding financial agreement. Married or de facto couples (including same-sex couples) have the right to make financial arrangements on legally binding financial matters.
Such an agreement (sometimes called binding financial agreement, BFA, pre-contract agreement, pre-nuption or cohabitation agreement) can be concluded before, during or at the end of a relationship. If you are involved in a property case, you must make the other party a “full and open disclosure” about all your assets, superannuation and financial resources. More information about this can be found on the Family Disclosure Page under our Article and Business section. If you do not enter into an agreement and enter into a de facto relationship or marriage, all of your assets, liabilities, aging and income that were obtained during the relationship and possibly thereafter are considered relational property and constitute the pool of assets for sharing between you and your partner under the Family Law Act of 1975. 1 Provided that the specific requirements of the Family Law on binding financial agreements are met, the agreement is binding on the parties and enforceable by judicial means.