To have and to hold – hold onto your assets
Finanial agreements assist couples with determining how they will split their assets upon the breakdown of their relationship. Financial agreements can be drafted for people who are married or in a defacto relationship. These agreements can be drawn prior to their relationships, during these relationships or after these relationships have broken down.
Amendments to the Family Law Act 1975 have made it easier to draft a Financial Agreement which is binding. The courts have been applying the principles set down in the Full Court decision of Black v Black which required strict compliance with the statutory requirements. The amendments provide that non-compliance will not of itself result in agreements being non-binding. A court now has the ability to consider whether it is unjust and inequitable if the agreement was not binding.
Our family law team advise people entering into relationships, those who are already in relationships as well as people whose relationship has broken down. Same sex couples are now recognised under the Family Law Act.
For further information please contact one of our Family Law lawyers.
Author: Elisa Garzarella