FAMILY LAW PROPERTY SETTLEMENT – WHAT IS A BINDING FINANCIAL AGREEMENT?
One of the most common questions in family law is ‘what is a binding financial agreement?’
Essentially a binding financial agreement is an agreement in the form of a document which settles the share of property each party is to receive in the event that they separate or divorce. It is designed to finalise a family law dispute so that parties can avoid the stress and expense of having to go through the Court process.
There are 3 types of binding financial agreements:
- Financial agreements before marriage (also known as pre-nuptial agreements or ‘pre-nups’);
- Financial agreements during marriage; and
- Financial agreements after separation.
One important thing to note is that for a Binding financial agreement to actually be binding, it is necessary for each party to receive independent legal advice from a qualified lawyer. If you or your partner do not receive independent legal advice, then you may end up having to go to Court, which would be the last thing you want.
So, if you are interested in avoiding the Court process, a binding financial agreement might be exactly what you need. Please call Testart Family Lawyers to set up a free initial consultation. We can help you by discussing all of the options available to you to help minimise the stress and expense of a separation or divorce.