The Family Act 1975 provides that the parties to a marriage or de facto relationship shall enter into a binding legal agreement on financial arrangements in the event of the breakdown of their couple or common-law relationship. Sometimes people know these agreements as “marriage contracts,” but the legal term is “financial arrangement.” We cannot provide legal advice or assistance in the design of financial contracts. You must be advised privately. For binding financial agreements, both parties must receive independent legal advice so that the agreement is binding and the agreement complies with the requirements of the Family Law Act. The fact that BSFs are only an alternative to consent orders or an option that can only be considered in the circumstances when there is doubt as to whether a court will approve orders under the conditions proposed by the parties is a general misunderstanding. Your partner`s lawyer should check the financial disclosure and verify the terms of the agreement, and then advise your partner on the pros and cons they have when entering into the agreement. Since the date of the Convention, the circumstances relating to the care, well-being and development of a child have changed considerably and, as a result of this amendment, the child or, if the applicant is responsible for the care of the child, the child becomes severe. Each party`s lawyer must sign his or her lawyer`s attestation that he or she has provided his or her client with separate and independent legal advice. Similarly, each party must sign a declaration that it has received a deliberation on the agreement.
Your lawyer should have a clear idea of your personal and financial situation as well as those of your partner. As a starting point, we usually use our binding Financial Agreement Instruction Sheet (which can be found here) to obtain the most important information from our client. It is important that you work with an experienced lawyer to prepare your binding financial agreement. Our team of family lawyers in Brisbane is experienced in managing complex scenarios and the related tax and wealth implications. The most common way of formalizing agreements is the use of consent orders….