Financial Agreements Tasmania

The easiest way for couples to decide how their property will be divided up after a seperation and divorce

The Family Law Act of Australia states the law that applies to couples once they decide their relationship is over and they will separate.

It covers both married couples and de facto relationships.

The Family Law Act allows couples to enter into different types of binding financial agreements after separation –

  • A financial agreement in contemplation of marriage (“Pre-Nups”);
  • A financial agreement during the relationship that states how property will be divided up in the event of a relationship breakup;
  • A financial agreement after a relationship has broken up.

If a Financial Agreement is properly drafted in Burnie, Tasmania by experienced family lawyers, it becomes a BINDING FINANCIAL AGREEMENT.

What does this mean?

It means, that if you create the binding financial agreement strictly in accordance with the requirement of the Family Law Act, it cannot later be set aside by the Family Court of Australia. The Court will uphold the Agreement.

What are the alternatives to entering into a binding FINANCIAL AGREEMENT?

  1. You can negotiate with your ex-spouse/ex-partner to work out a set of agreed Orders to jointly submit to the Family Court to approve to finalise all property matters between you – these are called draft Consent Orders. If the Court approves them, then they become final Court Orders.
  2. If you fail to reach agreement, either party may file an Application for Property Orders in the Family Court.

What are the advantages of entering into a binding FINANCIAL AGREEMENT?

  • It is quicker;
  • It is cheaper;
  • It is less stressful.

Will I need a family lawyer to enter into a binding FINANCIAL AGREEMENT?

Yes, you will.

It is a process where each party will need a lawyer to help them –

  • Negotiate the terms of the binding financial agreement;
  • Provide the mandatory disclosure of financial information that the law requires;
  • Draft the financial agreement in a way that meets all the requirements of the Family Law Act.

What are the key steps in the process to end up with a binding Financial Agreement?

  1. Find yourself a lawyer in Burnie, Tasmania who is experienced in Family Law;
  2. Tell your lawyer that you are interested in having a Financial Separation Agreement prepared to resolve a property settlement between you and your ex;
  3. Let your lawyer handle the negotiations to work out the agreed terms of the Property Settlement;
  4. Have your Lawyer draft up the Binding Financial Agreement.

How can I find out more?

Contact us via phone or email and we will arrange a free first conference where we will be happy to discuss your personal situation and provide whatever guidance we can.