Merry Christmas

We will be closed from 5pm Thursday 22 December 2022 until 8:30am Tuesday 3 January 2023.

Merry Christmas

We will be closed from 5pm Thursday 22 December 2022 until 8:30am Tuesday 3 January 2023.

Financial Agreements

Preserving your assets and protecting your future.

financial-agreements-perth

Financial Agreements
Preserving your assets and protecting your future

Are you considering entering into a financial agreement with your spouse or partner?

Whether you’re married, separated or in a de facto relationship, a Binding Financial Agreement drafted by an experienced lawyer can help you protect your interests and avoid costly legal proceedings.

At Richardson Legal, we’ve drafted numerous financial agreements for Perth couples before and during their relationship and can help you preserve your assets and protect your future with optimal peace of mind.

What is a financial agreement

A Financial Agreement is a legal agreement between two or more people – and including same sex couples – that governs the distribution of the property of a marriage or de facto relationship.

Such agreements have been available to parties since amendments were made to the Family Law Act 1975 (Cth) in 2001 and the Family Court Act 1997 (WA) in 2002. Once parties properly execute a Financial Agreement, they relinquish all rights under the Family Law Act or Family Court Act for the Court to resolve financial issues between them.

Why would someone consider a financial agreement? ​

Whilst some people may assume financial agreements or prenuptial agreements are only entered into as an admission that the relationship may likely fail, many couples simple enter into them to avoid the risk of expensive and time-consuming litigation, should the worst case happen. You and your partner might consider a financial agreement for:
01.

Protection of the assets of one party where there is a substantial disparity in wealth.

02.

Preserving one party’s assets for the purpose of future inheritance.

03.

Long-established family farms or businesses where the intention is to preserve the asset for future generations.

04.

Second (or subsequent) marriages or relationships, where both parties seek to protect previously acquired assets.

When can a financial agreement be made?

Couples often enter into financial agreements prior to marriage, but this isn’t the only time they can be made. Parties may consider entering into a financial agreement:

  • before marriage or commencing living together to address how you and your partner will deal with your respective assets in the event of a future separation
  • during the marriage or living together if you and your partner want to deal with the division of assets in the event of a future separation
  • following the breakdown of your marriage or relationship in order to deal with the distribution of your assets.