Family Law can be one of the most difficult and emotional issues to deal with. Couples can now choose to make a Financial Agreement as a less stressful option for sorting out relationship issues .
In Australia Financial Agreements are made under part VIIIA and Part VIIIAB of the Family Law Act 1975. Financial Agreements are used by couples as a way of creating a legally binding agreement dealing with how finances, assets and liabilities (owned both separately and jointly) will be dealt with specifically, in the event that the relationship breaks down.
For example, it is common for a couple to enter into such an Agreement, to stipulate that the property owned by each party prior to the relationship , will remain the separate property of that party. Assets accumulated individually through the relationship will remain the property of the party that has accrued them , and assets acquired jointly will be divided according to the percentage contribution of each party.
Of course, the matter may not be so simple where there are children involved, one party is financially dependent on the other or if other complicating issues are present. However, a couple can and should tailor a financial agreement to suit their own particular needs and unique life situation, and make it their own.
Any couple in a relationship is able to benefit from a Financial Agreement, whether married or de facto ( including those in a same sex relationship ).
Section 90UB of the Family Law Act empowers a couple who are contemplating entering into a de facto relationship , to make a Financial Agreement with respect to how their property, financial resources, spousal maintenance and related matters will be dealt with.
A couple currently living together in a de facto relationship can make an agreement under section 90UC of the Family Law Act.
A de facto couple who have separated can make an agreement about how they have agreed for their assets and liabilities to be dealt with. This agreement falls under section 90UD of the Family Law Act.
People who are contemplating entering into a marriage with each other, can make a Financial Agreement under s 90B of the Family Law Act. The Agreement can set out such things as how, in the event the marriage breaks down, any property, financial resources and liabilities will be dealt with, any spousal maintenance, and other ancillary matters.
People who are happily married may make a Financial Agreement under s 90C of the Family Law Act confirming how their assets and other matters are to be dealt with in the event they decide to end the relationship.
A separated couple can make a Financial Agreement under s 90C, even if still technically married. The Agreement can be used to finalise how they have agreed to deal with their assets, liabilities, maintenance and related issues.
A couple can also make a Financial Agreement regarding their financial affairs after a divorce order has been made. A Financial Agreement can be made setting out how the couple have agreed to deal with any financial matters, spousal maintenance and other related issues.
RP Emery & Associates supplies Australian couples with professionally drafted and easy to use Financial Agreement Kits .These Financial Agreement Kits provide you with all the information and resources you need to create your own legally binding, cost effective Financial Agreement.