Frequently asked questions
What is a Financial Agreement?
Sometimes called a Binding Financial Agreement, it is a contract between you and your ex-partner to formalise an agreement about the division of your assets, superannuation and/or maintenance.
How to make a Financial Agreement?
You and your ex-partner must get legal advice separately from an Australian lawyer. One of the lawyers will draft the Financial Agreement.
Then, once the terms are agreed, each lawyer provides their client with a Certificate of Independent Legal Advice before signing the Financial Agreement.
Is a Financial Agreement binding?
The Court has the power to set aside a Financial Agreement and instead determine a property settlement according to the Family Law Act.
This can only be done in certain circumstances; for example:
The Agreement was not properly drafted by the lawyer(S).
The lawyer(s) did not meet the requirements of independent legal advice to their client.
You or your ex-partner didn't disclose something significant before entering the Agreement.
You or your ex-partner is trying to defraud a creditor.
The Agreement was obtained through undue influence, duress or unconscionable conduct.
A significant change means that the Agreement is impractical to carry out.
A material change in circumstances is causing hardship to a child.
All work to complete your Financial Agreement:
Your lawyer can offer a fixed price starting from $1,650 (including GST).
Financial Agreements with a greater level of complexity require more work to complete properly and ensure it is a binding agreement.
Your lawyer will talk you through the work required in your case and provide a fair set price quote for the work.
What's included in the fixed price?
What does a Financial Agreement cost?
Complete title searches.
Telephone or video conference with you to get detailed information.
If a superannuation split is part of your agreement, a letter to your Super Fund giving notice of proposed super split (procedural fairness requirement).
Prepare the Financial Agreement and send to your former partner’s lawyer.
Update the Financial Agreement with any necessary changes.
Provide you with written legal advice once no further changes are needed to the Financial Agreement.
Telephone or video appointment to discuss legal advice.
Provide Certificate of Independent Legal Advice.
Arrange for signing of the Financial Agreement.
Certify the original Agreement and provide you with a copy.
Serve a copy of the Certified Financial Agreement on the Super Fund (if necessary).
All communications with you by telephone/video and other side lawyer to complete the above steps.