When the parties conclude their financial relationships following a separation, the question arises as to how best to reach a fair settlement. If the parties are unable to agree, it may be necessary to apply to a court that exercises the family`s responsibility for financial orders. Once an agreement has been reached, the pros and cons of approval decisions and binding financial agreements between legal representatives should be taken into account. The Family Act of 1975 provides for parties to a marriage or, de facto, to enter into a binding legal agreement on financial arrangements in the event of a breakdown of their marriage or de facto relationship. Sometimes people know these agreements as “marital agreements,” but the legal term is “financial arrangements.” For more information on the process of formalizing your agreement, please visit How do I – Apply For Property and Financial Orders and Applying to the court for orders fact sheet. Financial agreements can be signed before the conclusion of the marriage, essentially the “pre-nup” where the parties decide what happens to their property in the event of a breakdown of the relationship. Because the agreement may disintegrate due to unforeseen circumstances, these agreements must be subject to scrutiny and advice from lawyers to ensure that each party receives independent legal advice. A binding financial agreement does not have to be approved by a court, but for it to be applicable, it must be properly developed. There have been numerous court proceedings in which the judges have given clear indications of the development of Do`s and Don`ts.

Are relatively simple – the application for compliant advice is a mandatory document on the Court`s website. There are usually 2 to 5 documents that need to be submitted (depending on whether it is looking for children`s orders or only goods and if a super-fractionation order is sought). In certain circumstances, it is appropriate for other individuals or companies to participate in court decisions. This occurs when the financial interests of others may be affected. It is also possible that others may become parties to binding financial agreements. A financial agreement may also include provisions dealing with all other issues. This applies to all other cases, including anything that has nothing to do with the quality or maintenance of the parties. A binding financial agreement is a private agreement that is not before the court, but is enforceable by the court.