Binding Financial Agreements allow the parties, by agreement to specify what would happen with each parties separate property, joint property, assets or spousal maintenance if a relationship breakdown was to occur. Agreements made before a marriage are often called ‘pre-nuptial agreements’.
In a relationship breakdown or separation, financial agreements can cover:
the maintenance of one or both people in the relationship
how assets and money are divided
Certain conditions must be met before your financial agreement will be legally binding (enforceable). Both people must sign it and it must contain a statement saying each person has received independent legal advice covering:
how the agreement will affect their rights
whether or not the agreement is to their advantage.
Each person’s lawyer must provide a signed document saying independent advice was given.
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