Financial Agreements (after separation)
Financial Agreement: from $1650
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?
Both are valid ways of formalising an agreement you have reached about the division of your assets, superannuation and/or maintenance.
Both options will end the financial relationship between you and your ex-partner.
Financial Agreement
• Not sent to the Court to be reviewed by a Registrar.
• You and your ex-partner must obtain independent legal advice.
• More effective to extinguish future claims for maintenance.
• More likely to be challenged in Court if not prepared correctly or circumstances change.
Consent Orders
• Reviewed by a Registrar at the Court within 4 to 6 weeks.
• Your agreement must be just and equitable according to the Family Law Act.
• Less expensive overall. Neither you or your ex-partner are required to have a lawyer.
• Very limited grounds to have the final Orders set aside.
Financial Agreement or Consent Orders?
What does a Financial Agreement cost?
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.
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 causing hardship to to a child.
What's included in the fixed price?
All work to complete your Financial Agreement:
(1) Drafting or reviewing the Agreement, make necessary changes.
(2) Formal notification to Super Fund for procedural fairness (if required).
(3) Send you a detailed letter of advice.
(4) Provide Certificate of Independent Legal Advice
(5) Sign the Agreement
(6) Serve a Certified copy of the Agreement on the Super Fund (if required).
