Binding financial agreements in family proceedings
A binding financial agreement is a legal document that lays out how the assets of both parties in a relationship will be split if the relationship ends.
Comprehensive, open, and honest disclosure of each party’s assets and liabilities is required in this case to draft the best version of a binding financial agreement. If any side is dishonest, the Agreement may be invalidated.
However, please keep in mind that the binding financial agreements do not protect children; they only cover assets and liabilities. Within a relationship, children’s guardianship must be managed separately. Our team can advise you with more information about children’s guardianship in later stages.
These agreements form a binding legal agreement that are legally acceptable contracts between persons. There are different types of legal agreements:
- Financial agreements before marriage, commonly referred to as prenup or prenuptial.
- Financial agreements after marriage, commonly referred to as post-nup or post nuptials.
- Financial agreements after divorce order is made.
- Financial agreements before a de facto relationship.
- Financial agreements during a de facto relationship.
- Financial agreements after breakdown of a de facto relationship.
Before you marry, making a financial agreement that specifies how much money each of you will contribute to the marriage might be helpful in the long run. It might sound odd at first. Yet, It denotes the continued ownership of money and property, which you or your partner would regard as yours or the partner’s throughout the marriage, and even in the event of a divorce.
Any additional key concerns can be included in the agreement, Vinh Duong team will help you to determine what should be included in the Binding financial agreement.