Financial agreements can be entered into by couples in de facto relationships or marriage, before the commencement of the relationship, during, or at its conclusion.
All financial agreements must be fair and equitable to both parties.
Careful planning and consideration must be given to the agreement as a couple’s circumstances can change drastically over time.
Parties can marry, have children, experience career advancement, unemployment sickness, and disability. Any significant change during the relationship will likely mean the financial agreement may not be enforceable. Parties may choose to have their financial agreement reviewed every 5 years taking into consideration changes in their lives.
Each party should seek independent legal advice and be told of the advantages and disadvantages of the agreement.
Before entering into the agreement each party must make full disclosure of all finances.
A financial agreement is in essence a contract and may only be binding on the parties if both parties had independent legal advice.
Consent Orders without litigation
Consent orders are more time and cost-effective for parties rather than commencing Federal Circuit Court and Family Court proceedings. It also gives parties total control to jointly agree on the distribution of property and the care and responsibility of any children.
Consent orders can be made without initiating proceedings, and are made by agreement by the parties in one document, together with an application.
Aspire Family Law can draft your consent orders jointly, however one party will need to obtain independent legal advice.
When making consent orders both parties are required to make full and frank disclosure of finances and circumstances.
All consent orders must be drafted so they are just and equitable before they will be endorsed by the court.
If Family Court proceedings have already commenced, parties can settle matters through the use of consent orders at any stage.
Once consent orders are filled and sealed in the Federal Circuit Court and Family Court they become enforceable, parties must comply with the orders and if not, an application can be made by the aggrieved party to may the other party follow the orders.