Financial Agreements

Financial agreements are made by parties to detail how their financial resources would be distributed in the event of the relationship breakdown. Financial agreements can be made before, during or after a married or de facto couple separates.

In order to change or cancel a financial agreement, you must prove that an instance of fraud or dishonesty has occurred, that the agreement was not practical, there was a change in the child or children’s welfare, or the other party acted in an unfair manner. A family lawyer can explain these terms in plain language and help you consider your options for change or cancelation of a financial agreement.

When creating a financial agreement, you should include any property or assets that are worth $5,000 or more including vehicles, jewellery and household items, any real estate you own, cash in bank accounts, property held in trust, shares, mortgages, debts and personal loans.

Financial agreements will still apply if your partner has passed away, if it does not conflict with any terms of their will. If the financial agreement does clash with terms of the deceased party’s will, the financial agreement should be determined by the court by analysing the specific clauses of both documents.

If you have remarried, the financial agreement from your previous relationship will still apply, as all arrangements from your previous relationship will have been finalised in the financial agreement. You are therefore free to remarry or enter a new relationship without fear your ex-partner will be able to claim any future property or assets. If you do enter a new marriage or de facto relationship, it is important to update your financial agreement to reflect this changed circumstance.