Financial Agreements Nsw
The Family Act 1975 provides that the parties to a marriage or de facto relationship shall enter into a binding legal agreement on financial arrangements in the event of the breakdown of their couple or common-law relationship. Sometimes people know these agreements as “marriage contracts,” but the legal term is “financial arrangement.” It is a written agreement that allows you to choose how you want to share ownership and financial resources in the event of a relationship breakdown. There is often an imbalance of economic power in relationships. In the absence of a financial agreement, the Tribunal is able to execute an agreement that is not fair and equitable to each party. It is therefore necessary for each party to a financial agreement to have an independent legal opinion before the agreement is signed, otherwise it will not be considered binding. .