A financial agreement sets out how assets are to be allocated in the event that a relationship breaks down. It can be established prior to marriage or cohabitation (sometimes referred to as pre nuptial agreements), during the marriage or period of cohabitation, or following the breakdown of the marriage or de facto relationship.
Common to all types of financial agreements is the requirement that each party has obtained legal advice independently of the other party to the agreement, and had the implications of signing it fully explained to them.
An advantage of having a Financial Agreement in place is that each party is clear on how the assets will be divided up in the event that a separation occurs. It can also eliminate the need for the parties to resolve the allocation of assets via the court system.
Clinch Long Letherbarrow have extensive expertise in the area of advising in, and drafting sound financial agreements.