Unsure where to start?

* Terms & Conditions may apply. Call for more details

Financial agreements Sunshine Coast

"A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life."
- Suze Orman

Download Our Free Divorce Guide

Get expert advice on navigating your divorce with ease and confidence.
sfl pdf

What is a financial agreement?

A financial agreement binding two parties sets out how they would like to divide their finances if the relationship ends. For those looking to enter financial agreements, family law regulates their implementation. Under the Family Law Act 1975, you can enter into a financial agreement before, during, or after your relationship ends. Financial agreements can cover a married couple or a de facto relationship.

What’s in a financial agreement?

As a family law matter, there are vital prerequisites for creating Binding Financial Agreements (BFA’s). Every lawyer must sign a certificate of independent legal advice. This certificate indicates that the client has been advised of the agreement’s effect. Both parties should understand the advantages and disadvantages of the contract.

Spouse maintenance matters arising from divorce can also be dealt with in these agreements. If the parties wish, the agreement can indicate that neither party will claim spousal maintenance against the other. A binding financial agreement does not require the Court to oversee the contract terms. This allows you and your ex-spouse to arrive at an outcome without the Court intervening.

Obtaining independent legal advice from an experienced family lawyer before entering any financial contract is essential. Poorly drafted agreements can be disastrous and often go hand-in-hand with unreliable family law advice. Ineffectively structured agreements often lead to later litigation. This leaves parties out of pocket and open to interference by the Courts. Shanahan Family Law can give vital and tailored advice about your circumstances. We will ensure a complete and final property settlement.

consultation with a lawyer regarding on a financial agreements

What’s in a financial agreement

Asking the questions

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.

Joint applications for divorce

Let's work together

Even a joint divorce application can be daunting, let alone when you’re considering filing for a divorce online. Perhaps you have questions about submitting your application to the courts, or you aren’t sure where to start. We’re here to help guide you through the process.

Interested in chatting more about financial agreements?

Joint applications for divorce

Let's work together

Even a joint divorce application can be daunting, let alone when you’re considering filing for a divorce online. Perhaps you have questions about submitting your application to the courts, or you aren’t sure where to start. We’re here to help guide you through the process.

Interested in chatting more about a joint divorce application?

Meet The Owner

Luke Shanahan​

Principal Solicitor​

As principal solicitor of Shanahan Family Law in Maroochydore, Luke Shanahan is a reliable and experienced Sunshine Coast family law expert, offering compassionate support to people and families experiencing the most difficult circumstances through a divorce or separation. Whether you’re seeking help with child support, parenting matters, divorce, property consent orders, financial agreements, domestic violence, joint applications for divorce, or the preparation of DIY affidavits and consent orders, Luke can help.

As sad as it is to see couples and families split, he feels privileged to be able to help his clients find a better life through their family law services. “I believe we all deserve a second chance at finding a better life, and if this is through a divorce, then we will do everything we can to ensure our client’s success through whatever means.”

Luke-Shanahan-profile-photo-2022

Take a look at what our clients say

Testimonials

Robert Johnston
Robert Johnston
2023-12-18
I was very happy with my experience at Shanahan Family Law. Danyelle guided me through the property settlement and a satisfactory outcome was reached. This was achieved without going to mediation or court.
Diana Homer
Diana Homer
2023-09-28
Very professional, supportive and respectful in all communications and responsibilities. I found their team very patient when challenges occured and kept me informed at all times. Highly recommend them, for personal legal requirements.
Jodie Hickson
Jodie Hickson
2023-08-31
Many thanks to the hard working team at Shanahan law. All such professionals.
Trace Mcnamara
Trace Mcnamara
2023-08-30
I was pleasantly surprised from the very beginning with my experience with shanahans family law ,from the reception staff at shanahans ,who were lovely and tentative and at how comfortable and at ease Danielle O’Connor from shanahans family law made me feel from Our very first phone consult to attending court with me each time , Danielle constantly reassured me that she had things taken care of and not to worry about anything ,she kept me calm and relaxed about things at a time when my anxiety level was very high , but certainly not after meeting up with Danielle each time , Danielle was always punctual bright and cheerful and Danielles compassion for her clients shines through ,her passion for her work is very obvious , Danielle ALWAYS went out of her way to reassure me everything was ok like a long lost friend not just once but every single time without fail ,Danielle is just so lovely to be around her compassion, personality ,demeanour and easy going nature makes it a pleasant experience just being around her ,watching Danielle work with such competency ,multi tasking whilst also listening to me at the same time was also very reassuring , her interactions with the magistrate ,other solicitors and the way she Carries herself is also inspiring to watch ,I could honestly not recommend Danielle O’Connor at shanahans enough,she even took the time to come in for my case alone whilst she was on a well deserved leave break, wich I felt terrible about but am more than grateful for as it made all the difference to my case, even though our case is now over with an amazing win ( THANKYOU DANIELLE ) I feel like I am missing a friend. If you ever need a solicitor and are very stressed about a case Danielle O’Connor is definitely who I would recommend, Danielle was also very understanding of monetary issues and did her best at all times to keep costs at a minimum for me wich I also appreciated a great deal , also I would also like to mention Travis Terracall who was also very compassionate and caring and seemed to understand my situation, I wanted to let Travis know that I appreciated his empathy towards my situation at the time . It certainly helped me. If I could have give 100 stars I would . I hope both you and you partner have a very beautiful relaxed and lovely well deserved holiday break Danielle, I’m so sorry It was interrupted due to my case and again Thank you so much not just for your amazing work but your beautiful kindness and compassion . And just being you ! with much gratitude Tracy McNamara 🌸🫶😊
David Fenech
David Fenech
2023-08-28
Highly recommend Shanahan Family Law and Lindsay Nicholson for all your family law needs.
Nathan Batley
Nathan Batley
2022-08-11
I found this firm excellent to deal with. I had received some exorbitant quotes for executing what was really quite a straightforward matter in my case. Shanahans were prompt, professional and fairly priced. I've was very happy with their service.
Chris Mehonoshen
Chris Mehonoshen
2022-04-05
Having experienced the sunny disposition of Danielle at Shanahan Family Law I can say that anyone would be in good hands. Danielle is very understanding and shows great insight in analysing the situation and cutting to the heart of the matter. Both Danielle and Shanahan Law are very professional and respond promptly in a care manner. Very happy with my choice there.
Nicole Mcmullen
Nicole Mcmullen
2021-12-14
I can highly recommend Luke and his associates for their professionalism and thoughtfulness. I really didn't know what to expect when I needed the advice and assistance of a solicitor, but Luke has been extremely patient and kind in leading me through this process.

Secure Your Financial Future Post-Separation with Shanahan Family Law Guidance

Facing the uncertainty of financial matters after a separation can be daunting. At Shanahan Family Law, we understand the complexities of securing your financial well-being during these challenging times. Our experienced team is dedicated to crafting tailored financial agreements that protect your interests and pave the way for a secure future. Let us navigate the legalities, ensuring your peace of mind and a fair outcome.

Want to understand more about Family Law?

Contact Our Sunshine Coast Support Team

Related Financial Agreement Articles

Frequently Asked Questions

To help you understand your circumstances, Shanahan Family Law has created some of the most common questions with these FAQs.
What can a financial agreement NOT include?

In Australian law, there are certain matters that a divorce financial agreement cannot cover:

  • Parenting Arrangements: Financial agreements cannot dictate parenting orders or custody arrangements.
  • Child Support: Child support falls outside the scope of these agreements. A child support agreement is more appropriate to organise support payments.
  • Personal Non-Financial Matters: Issues like marital conduct or personal obligations aren’t appropriate for inclusion.
  • Anything Unlawful: Any terms that promote illegal activities or are against public policy are void.
  • Future Assets: Speculative assets or those not yet acquired generally won’t be included. A typical example is a future inheritance. The inheritance isn’t in the party’s possession when the financial agreement is made. As a result, it isn’t considered property for a property settlement.
  • Violations of Third Party Rights: The agreement cannot infringe on the rights of third parties. Some circumstances where a third party’s interests may be affected include the following:
    • Joint Debts: If a couple has joint debts with a third party, an agreement that doesn’t adequately address repayment might affect the third party’s financial interests.
    • Business Partnerships: If one spouse is in a business partnership, an agreement that transfers assets or shares without considering the partnership agreement can impact the partner’s rights.
    • Family Trusts: If assets are held in a family trust, an agreement that seeks to divide or access these assets might conflict with the interests of other beneficiaries.
    • Guarantors: If a third party has guaranteed the couple a loan or financial commitment, an agreement that changes the responsibility for that loan might affect the guarantor.
    • Real Estate Co-ownership: If a property is co-owned with a third party, an agreement that changes ownership rights without the third party’s consent can create conflicts.
    • Shared Investments: If the couple has investments with third parties, an agreement that liquidates or transfers those investments can impact the third party’s financial position.

Financial agreements are a central component of family law. They offer couples a pathway to outline their financial future. However, they aren’t the exclusive choice. While financial agreements provide clarity, there are alternatives. For example, consent orders are available for parties to consider.

What are the Consequences for Breaching a Binding Financial Agreement?

Breaching a binding financial agreement can lead to significant repercussions. Such violations might result in court interventions. This will lead to accumulating legal fees and potential financial penalties. Fully grasping these implications is vital before committing to such an agreement.

Breaching a binding financial agreement can lead to significant repercussions. Such violations might result in court interventions. This will lead to accumulating legal fees, and potential financial penalties. Fully grasping these implications is vital before committing to such an agreement.

Can Anything Invalidate a Financial Agreement?

Certain factors, such as fraud and undue influence, can invalidate a financial agreement. If a party is deceptive about their financial resources or exerts pressure on the other to sign, the agreement might not be legally binding. Securing independent legal advice is crucial to ensure the agreement’s integrity.

If assets are concealed or if misleading financial information is presented by one party, the agreement can be contested. Undue influence pertains to coercive actions that unwillingly compel a party into an agreement. Both scenarios can void a financial agreement.

Parties can draft informal arrangements concerning property division after a relationship’s dissolution. However, these are less robust than binding financial agreements. Formalising any agreement is recommended for those in de facto relationships or marriages. Doing so will ensure its recognition under the Family Law Act.

Navigating these agreements requires expert legal advice. Consulting experienced family lawyers is essential when contemplating a financial agreement. They can advise on spousal maintenance matters, the technical requirements, and their implications. An adept family lawyer ensures the agreement safeguards assets acquired during the relationship and addresses spousal maintenance adequately.

Download Our Free Divorce Guide

Get expert advice on navigating your divorce with ease and confidence.
sfl pdf
Scroll to Top
Book A Free Discovery Call

Share your family matter with us and we will call you.

If your matter is urgent, please call us on (07) 5408 4470

Shanahan Family Law are hiring!

"Join our Sunshine Coast family law service"

If you have questions about this role, please call our office for a confidential chat (07) 5408 4470