A financial agreement is similar to a contract as it stipulates how property is to be divided between the parties. Should you and your former partner agree on a property settlement you can prepare a written agreement in the form of a consent order and then seek approval from the Court.
A financial agreement is similar to a contract as it stipulates how property is to be divided between the parties. The Family Law Act 1975 (Cth) permits parties to a married or de facto relationship to enter into a binding financial agreement.
A financial agreement can be made before, during or after a relationship and are often referred to as prenuptial agreements.
If you decide to make a financial agreement, you need to make sure you understand the terms of the agreement.
Before signing any agreement each party my receive independent legal advice.
If formal requirements have not been met the agreement will be invalid and the court may set it aside.
Should you and your former partner agree on a property settlement you can prepare a written agreement in the form of a consent order and then seek approval from the Court.
Once you sign the agreement you need to state that you agree to the terms provided in the document. Once the Court approves the Order it is given a Court seal and legal effect.
You may apply for a consent order without even attending court.
