Category: Financial Agreements

The relevant principles applying to financial agreements to determine the provision of independent legal advice to achieve compliance with s 90G and s90UJ of the Family Law Act. The Family Law Act 1975 (Cth) governs the binding nature of financial agreements between parties in Australia, with particular emphasis on compliance with sections 90G and 90UJ. Central to this compliance is the provision of independent legal advice, which safeguards the understanding and consent of each party. This legal advice must address...

Binding Financial Agreements in De facto relationships If you are in a de facto relationship and cohabitating with your partner, entering into Binding Financial Agreements is the only protection you can have ahead of time to safeguard the assets you “walked” into the relationship with. This is particularly important if there is a large difference between your financial position and your partner’s financial position.  A Binding Financial Agreement during a de facto relationship, therefore, sets out how the property pool...

Binding Financial Agreement to be legally binding There are certain requirements that must be adhered to for a Binding Financial Agreement to be legally binding. If these requirements are not adhered to, the Agreement may not be upheld in the future if challenged. Here are some things to consider: Did you receive adequate legal advice? In the decision of Hoult & Hoult [2013] FamCAFC 109, the parties entered into a Financial Agreement before they were married. The Judge ruled that...

What is Binding Financial Agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalising property settlement and spousal maintenance issues outside of the Court. Binding Financial Agreements can be entered into: Before marriage; During marriage; After divorce;  Before cohabitation; or During cohabitation. The benefit of entering into a Binding Financial Agreement The benefit of entering into a Binding Financial Agreement is that the Court will not review the terms of the agreement...

They are property issues and superannuation. Superannuation Legislation for many years was not property under the Family Law legislation and the Court had no power to deal with it although the Court, to overcome this difficulty, made an adjustment to a party’s interests and in some cases extreme adjustments to compensate a party for the loss in the other party’s superannuation. The classic examples for high adjustments related to people in professions or employment where there were large superannuation interests...

Family law rules disclosure - You must need to know You must know the Family law rules disclosure In Family Law property or parenting proceedings, the parties have a responsibility to provide full and frank disclosure.  The duty of disclosure family law is a requirement for all parties involved in a family law dispute to provide to each other party all information relevant to an issue in the case.  Learn more from Family Law act. Family law rules disclosure -...

Preparing an Airtight Binding Financial Agreements Binding Financial Agreements (BFA), also referred to as “pre-nups” are created when two parties have made a fully informed decision to enter into a binding agreement. The creation of an Airtight Binding Financial Agreements requires the parties to disclose their financial position, provide reasonable time to consider the agreement and obtain independent legal representation to avoid any undue influence or pressure on the other party. This document effectively allocates assets and other financial resources...

Financial Settlement issues What Happens to Home Loans, Mortgages, and Properties After Divorce? One of the biggest concerns of parties whose marriage has broken down is what happens to financial settlement resources and debt during this process. When it comes to matrimonial assets, one of the main considerations is whether the party who resides in the main property has the capacity to maintain the residence during interim and final proceedings. Whilst it is important that the matrimonial home is maintained...

Who Liable to provide Financial help for single mums During Pregnancy? Financial help for single mums: What happens if you are pregnant and the father is no longer willing to raise the child or provide pregnancy financial assistance? Is the father still liable to pay relevant costs? Essentially, the answer is - yes. The biological father of a child is liable to Financial help for single mums During Pregnancy and also the costs associated with pregnancy and raising the child....

HELP! I've Got An Executor Dispute: Can I Remove an executor of a will? It is not uncommon for clients to raise they are frustrated with how the executor of a will is administrating a deceased person’s estate. These complaints typically arise from beneficiaries to a Will, being the category of person who benefits under the will. Before dealing with these issues, it is necessary to understand the nature of the executor of will, their position, and the responsibilities this...

If the Billionaire Kobe Bryant Died in Australia, Who Will get his Properties? If Kobe Bryant was an Australian, resided in Queensland, and died without a valid Will (“intestate”) the laws of Queensland would decide how his vast estate would be divided. Because he had a wife and children it would work like this; His spouse would receive the first $150,000 of his overall estate and all of the household furniture and chattels.  The remainder of his estate would then...

Property Valuation in Family Law Proceedings Commonly when two parties separate or divorce, the family home (also referred to as the matrimonial home) is typically the most valuable asset. As with most separations, one party moves out of the matrimonial home following the breakdown of the relationship, leaving questions of how much the house is worth? and which party owns it? Assets such as real property, which are generally the most fought over, require an updated valuation so the Court...

Binding Financial Agreement & Provisions of Family Law Act While binding financial agreement, Parties may wish to determine the ownership of their assets and liabilities whilst contemplating or living in a relationship (including same-sex relationships), contemplating entering into a marriage, during a marriage or after a divorce, may wish to set out terms in an agreement which determines how their property and liabilities should be determined should their relationship break down. Provisions in relation to Binding Financial Agreement came into...

Who Is Responsible For Payment of School Fees and Extra-Curricular Activities Post Divorce? A major concern amongst parents who have children under their care is the payment and costs associated with extra curricular activities. As sport, music, dance, and other similar activities are popular with children of all ages, the costs associated with these can be quite significant over a long period of time. Unlike child support payments which are determined upon set criteria and formula, non-periodic payments associated with...

What is a binding financial agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalizing property settlement and spousal maintenance issues outside of the Court. Also referred to as “pre-nups”, binding financial agreements are created between parties of a relationship or marriage to legally protect and allocate assets if the event the marriage ceases. Whilst many people believe planning for divorce before the marriage begins is controversial, a binding financial agreement is prudent estate planning, similar to...

Healthy and meaningful relationship Last year a Court dispute between Brad Pitt and Angelina Jolie resulted in the Superior Court of Los Angeles County imposing an order for the five children to spend more time with their father. When providing reasons for the judgment, the Court provided “it is critical that each child have a healthy and meaningful relationship with both parents”. The new order changes the original full-time custody arrangements in favor of Jolie to allow Pitt anywhere between...

No one enters a marriage thinking it’s going to end in divorce one day, but unfortunately, marriages do break down and people go their separate ways. In fact, statistics show that around 30% of all Australian marriages culminate in divorce. Without going into a committed relationship with a negative mindset or doom and gloom attitude, it’s wise to be prepared in case the romance doesn’t pan out. Those who are entering into a marriage or long-term relationship and already have...

Preparing For A Conciliation Conference? For a conciliation conference, you must exchange information with each other and provide information to the Court before the conference. So that you and your former partner make the best possible use of the conference, In a case about financial issues, each party must have exchanged copies of relevant financial documents with the other parties at least two days before the Case Assessment Conference. If the following documents were not exchanged prior to that conference,...

Payment and Recovery of a Child Support Debt If an application has been lodged with the Child Support Agency, and for whatever reason, there is a debt outstanding on the assessment of child support by the agency, how is that debt recovered? An assessment for child support by the Child Support Agency is normally paid by the employer of the person who owes child support (the payor). The person, normally the father, who is required to pay child support, will...

Disgruntled Husband or Wife in Relationship “Why should I support my wife/partner after we separate when I actually supported her and provided all our assets throughout our entire relationship.” Unfortunately, you may have a continuing financial obligation to your former partner. The Family Law legislation provides the basis for a Court determining the financial relationship of parties after separation. The relevant factors taken into account are: Length of Relationship The longer the relationship the greater the interest of the other...