We have commonly come to know a Financial Agreement entered into before marriage as a “Pre-Nuptial Agreement”. The ability of couples to also enter into Agreements once they are married but before they are divorced is a relatively new concept in Australia.
A Financial Agreement can be entered into by couples who are contemplating entering into a marriage with each other. The Agreement can deal with how, in the event of a breakdown of the marriage, all or any of the property or financial resources of either or both of them at the time when the Agreement is made or at a later time and before the dissolution of marriage is to be dealt with. The Agreement can also deal with the maintenance of either party during the marriage or after dissolution of marriage or both during and after dissolution of marriage.
A similar Financial Agreement can also be entered into by couples during a marriage but before divorce. Once again this Agreement can deal with how, in the event of the breakdown of the marriage, all or any of the property or financial resources of either party at the time the Agreement was made is to be dealt with and it can also deal with the maintenance of either party.
Financial Agreements can also be entered into by couples after the dissolution of their marriage dealing with how all or any of the property or financial resources of either or both of them that they had or acquired during the former marriage is to be dealt with and once again can also deal with the maintenance of either party.
Cohabitation agreements or de facto agreements are also recognised in Queensland that confirm the parties’ non-financial and financial rights when the de facto relationship comes to an end.
There are strict legal requirements to adhere to in all of these agreements. McDuff & Guilfoyle Lawyers are particularly aware of the delicate and sensitive issues involved in Family matters and their understanding and compassion reflect this. We know that it is one of the most difficult and stressful times of your life and we will endeavour to help you through it as best we can.
If the circumstances of your relationship are changing and you would like advice on asset protection, current or future property settlement, divorce or separation, please make an appointment with one of our experienced Solicitors who can explore all the options available and advise you on the best solution for you.