BUTLERS

Generally, yes, if the requirements of the relevant Act are followed.

In limited circumstances, Financial Agreements can be set aside.  Those circumstances include but are not limited to where one party can demonstrate that the other party put them under undue pressure to sign the Agreement, where a party failed to provide adequate Disclosure or where a party committed fraud in inducing the other to enter into the Agreement.

It is possible, but perhaps not wise.  If the Agreement is first raised very close to your wedding day, it may create pressure on the other party to sign.

They are suited to everyone who sees a benefit in ensuring that, if your relationship or marriage is not successful, you limit the need for litigation.   In terms of pre-relationship or marriage, they are especially beneficial to those who may have inherited from family, foresee inheriting from family or those entering second relationships or marriages and have already created independent wealth. 

In terms of during or post-relationship or marriage, Financial Agreements provide the opportunity to create stability in a relationship, or concluded matters without the need to engage with the Court. 

One of the requirements for Financial Agreements to be binding is that both parties have to take independent legal advice on the contents and specifically, the advantages and disadvantages of entering the Agreement and, the effect of the Agreement to the rights of the party under the relevant Act.  It is difficult to foresee how either element of that advice can be achieved without both parties providing appropriate and relevant financial Disclosure. 

That Disclosure may include:

1. Details of all real estate you own, including overseas real estate;
2. Cash or funds held in bank accounts; 
3. Property held by a company ultimately controlled by you, for your benefit; 
4. Property held on trust by a third party for your benefit; 
5. Interest and/or shares in any company; and
6. Personal possessions (a general rule of thumb is to include those items where individually or collectively they are worth in excess of $5,000).

Of course, you also need to disclose liabilities, such as mortgages or personal loans, car finance, credit card debt and HECS debts.

They are.  The two Acts referred to above allow married couples and de facto partners, including same-sex couples, to make these agreements, without any distinction between them. 

You can include an intention to pay an amount for child support in the future, but that intention will not be binding on you and your partner.  That is because the Child Support Agency deals with child support. If you would like an agreement in relation to a child, you can prepare a separate Child Support Agreement.

A Financial Agreement is simply a contract between two parties to a marriage or de facto relationship. A consent order is an order made by the court that confirms an agreement made between parties.

To achieve a consent order, the parties must make an application to the court setting out the orders they request and give detailed information on their assets, liabilities, income, expenses and details related to children. The court will make the consent orders if a judicial officer is satisfied the orders are “just and equitable”.