Financial Agreements
A Financial Agreement, also known as a “prenup” or “prenuptial agreement,” is a legally binding agreement between two people that outlines the distribution of their property and finances in the event of a separation or divorce. In Queensland, Financial Agreements are governed by the Family Law Act 1975 (Cth) and the Family Law Regulations 1984 (Cth).
There are two main types of Financial Agreements in Queensland:
Binding Financial Agreements (BFA)
A BFA is a Financial Agreement that both parties enter into voluntarily, and which is intended to have legal effect. A BFA can be made before, during or after a marriage or de facto relationship has ended. A BFA can cover a wide range of issues, including the division of property, financial support, and maintenance.
To be legally binding, a BFA must meet certain requirements, including:
The agreement must be in writing, signed and dated by both parties;
Both parties must have obtained independent legal advice before signing the agreement;
Both parties’ lawyers must have signed a certificate stating that they have provided independent legal advice;
The agreement must not be fraudulent, unconscionable or result from duress or undue influence;
The agreement must have been entered into voluntarily and with a full understanding of its effect.
Consent Orders
Consent Orders are agreements between two parties that are approved by the Family Court of Australia. Consent Orders can cover a wide range of issues, including property settlements, parenting arrangements, and financial support. They can be made at any time, whether or not a relationship has ended.
To obtain Consent Orders, both parties must agree to the terms of the agreement, and they must be filed with the Family Court of Australia. Once the orders are made, they are legally binding and enforceable. If either party breaches the orders, they may be held in contempt of court.
Financial Agreements can be a useful way for parties to protect their financial interests in the event of a relationship breakdown. However, it is important to obtain independent legal advice before entering into any Financial Agreement, to ensure that the agreement is legally binding and that both parties fully understand its effect.
If you need advice or assistance with a Financial Agreement in Queensland, it is important to speak with an experienced family lawyer who can help you navigate the complex legal requirements and ensure that your rights are protected.
