Binding Financial Agreements on the Sunshine Coast
A Binding Financial Agreements is a written agreement that sets out how you and your former partner will divide your financial resources and property, when you separate. The main effects of a financial agreement are: to give you and your former partner finality with regard to your financial affairs, and to prevent either you or your former partner from making an application to the Family Court for the division of assets in a property settlement.
How We Can Help You With Your Binding Financial Agreement
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Why Do You Need To Get Legal Advice About Your Financial Agreement?
It is important for you and your former partner to get legal advice to prevent either of you from arguing that, when you both signed the agreement, you – or your former partner did not understand what they or you were signing, or the consequences of your agreement.
To become legally binding, your financial agreement must include:
- A certificate from your legal adviser that clearly states that they have advised you.
- A statement within the agreement by you and your former partner that you have received legal advice independent of each other.
You deserve solid experience, knowledge, and the very best legal backing to ensure you achieve your goals.
What Must Your Financial Agreement Include to be Binding and Enforceable?
Your financial agreement is only legally binding once you and your former partner have each received independent legal advice. Under Family Law Act 1975, both you and your former partner will need to receive a certificate of independent legal advice as to the advantages and disadvantages of entering into the agreement, and the effects of the agreement on your rights.
What Else Should You Consider?
There are multiple reasons to reach an agreement with your former partner as soon as possible:
- It keeps you out of court
- It reduces your stress levels
- Saves you time
- Saves you money
There are two components to consider:
- Putting your agreement together
- Getting independent legal advice
For Your Complimentary Chat
Book an appointment so that we can advise you on your options. Just call Dr John on 07 5455 6347 to book your complimentary chat, now.
How much does a Binding Financial Agreement Cost?
The cost of your Binding Financial Agreement depends on how complex or straight forward your financial circumstances are, and how easily (or not) you and your former partner can come to an agreement.
If resolving your financial property arrangements requires, for example: negotiation, mediation, complex estate planning, forensic accounting, untangling Superannuation matters, wrangling with crypto-currency and asset and property valuations to be agreed then the cost of finalising your Binding Financial Agreement will be higher than if your financial affairs are simpler to determine.
How to Reduce the Amount You Spend on a Binding Financial Agreement
If you and your former partner readily disclose your assets and liabilities and you can both agree the terms of your financial agreement, and you have received independent legal advice, then your binding financial agreement can be wrapped up in a cost-effective way.
It stands to reason that if you can provide all the required information, so that your agreement can be fairly drawn up, then you will save yourself money. We appreciate that it is not always possible to find and provide all the information yourself. You will likely need to talk to your accountant, Superannuation provider and possibly other financial experts as well as your lawyer.
What Must Your Financial Agreement Include To Be Binding & Enforceable?
Your financial circumstances, your age, needs, and health are unique and different to anyone else’s situation. This means that it is difficult to give you an exact cost for drafting a your binding financial agreement right here. We need to know more about your specific circumstances so that we can advise you more accurately as to likely costs. That’s why we welcome you to take advantage of a free chat at Anumis Legal, where you can ask questions and also provide us with the initial information we need to give you a costs estimate.
Our Anumis Legal Family Law Team
We will explain your rights and help you to move forward. Call Nadine Love or Dr John Cronin on 07 5455 6347 or email admin@anumis.com.au for your complimentary chat and with our Noosa Marina Family Lawyers!
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