Binding Financial Agreements

Binding Financial Agreements are legally enforceable agreements as to how each party settles the separation of marital or de facto finances.

WHAT ARE Binding Financial Agreements?

These are legally enforceable documents, arrived at through a legal process. It’s not just an agreement that two parties can come up with informally. In order to arrive at an agreement, both parties must be willing to negotiate a settlement and obtain certificates of independent legal advice.

Binding Financial Agreements provide an alternative to taking the battle to the family court.

Do you need a binding financial agreement?

You may need a different document, such as a binding financial agreement which sidesteps the family court. This requires the other party getting legal advice before accepting. This produces a certificate of independent legal advice.

For parties to enter into a binding financial agreement, both parties must have certificates of independent legal advice. Basically, the court says you can make your own agreement but needs to know you are aware of the consequences.

If you no longer consent to the informal agreement you’ll need to go through the family court.

This is common in violent or threatening situations where you need to agree under duress to get into a safe place, and then wish to amend the agreement.

We can help you contact the other party and enter into pre-action procedure before going to court, part of This action involves a financial disclosure of current assets including super and any liabilities.

In short, if you think you’re being screwed we can renegotiate the agreement because its only informal.

THINGS TO NOTE

  • As binding child support agreements outline financial considerations for children, it is worth considering seeking legal advice for property settlement and/or spousal maintenance at the same time.
  • Binding child support agreements are often used to pay a lump sum or offer a more generous property splitting so as not to have to think about child support payments again.
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4 STEPS TO A BINDING FINANCIAL AGREEMENT

  1. Get legal advice, call us for an initial consultation.
  2. We make a first draft of the agreement with you, and send to the other party’s solicitor.
  3. We receive a response and meet with you for review and revision if necessary. We may need to contact the other party’s solicitor by phone at this stage.
  4. Both lawyers execute the documents through signing which creates the binding financial agreement.

WHY PFLC FOR Binding Financial Agreements?

Creating a binding child support agreement is often part of a more strategic approach to separation, this is where our expertise is best placed. In addition, as both parties are mandated to obtain independent legal advice, we find our conciliatory approach most effective when dealing with other lawyers to reach a stage where the agreement can be produced and executed swiftly.

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Gary WannGary Wann

I found David to be very good and got the result that I was happy with the result and he knows his job. I have no hesitation in recommending him

Argie XaftellisArgie Xaftellis

Our two matters were dealt with in an efficient and cost effective manner resulting in a successful outcome. The service was professional, informative and friendly. We would use them again without hesitation. Thank you David.