"A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life."
- Suze Orman
What is a financial agreement?
A financial agreement is a contract between two parties that sets out how the parties would like to divide their financial resources if the relationship comes to an end.
Asking the questions
What’s in a financial agreement
There are significant and exacting conventional prerequisites for the creation of Binding Financial Agreements (BFA’s) also known as prenups. Every lawyer must sign a certificate of independent legal advice indicating that advice has been given concerning the effect of the agreement and the advantages and disadvantages of it.
Spousal maintenance can also be dealt with in these agreements or, if the parties wish, the agreement can indicate that neither party will make a claim for spousal maintenance against the other. Entering into a binding financial agreement effectively removes the authority with jurisdiction of the Court, allowing you and your ex-spouse to arrive at your own outcome without the court intervening.
Getting expert family law guidance about prenups and spousal maintenance is essential. Poorly or inadequately drafted agreements can be disastrous and often go hand-in-hand with unreliable family law advice. Ineffectively structured agreements often lead to later litigation, leaving parties fundamentally out of pocket and exposed to unwanted interference by the courts. Shanahan Family Law can give vital, bespoke advice about your circumstances to ensure a full and final property settlement.
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