Protecting your Future – Planning and Prenups

Financial Agreements, commonly known as prenuptial agreements or pre-nups, are agreements signed by both parties to a relationship confirming how property will be divided if they separate.

While it may seem strange to plan for the end of a relationship when everything is going well, people who discuss expectations if the relationship breaks down often avoid any major dispute later.

Financial Agreements can be prepared at any stage of a relationship and in many different circumstances, whether:

• just moving in with a partner;
• starting a relationship where either person has children and wants to protect their assets for them;
• prior to an upcoming wedding;
• where you are in a relationship but you want to protect a financial gift or inheritance from family members.

Financial Agreements can deal with a single asset through to all assets and are often used to isolate specific assets, for example, gifts from family or a house owned prior to entering the relationship.

Binding Financial Agreements – The Process

Financial Agreements are made pursuant to Part VIIIA of the Family Law Act 1975. To have a binding Financial Agreement, the law requires both parties to obtain independent legal advice from separate lawyers. While this can seem like an additional cost, coming to a lawyer with a clear understanding of the agreement between you can reduce the time that a lawyer needs to spend on your matter. Ultimately, a properly drafted Financial Agreement can avoid the costs of going to Court in the event of a relationship breakdown and, even if not ultimately needed, it can bring piece of mind for whatever the future brings and make sure you and your partner are on the same page.

If you would like further information, please contact us for an initial discussion about what is appropriate in your circumstances.

Before Separation

When a relationship isn’t going well you can need some reassurance before you decide what’s next. Especially where a relationship is well established or there are children involved it is important to have an opportunity to discuss your circumstances before you take action.

We offer one hour initial consultations to discuss how assets and liabilities might be divided following separation, discuss living arrangements and care arrangements for children and anything else that might be concerning you.

As experienced family lawyers, we can advise you on ways that people commonly work through relationship breakdowns or come up with new solutions based on your circumstances. Be assured that any conversation that we have with you is completely confidential. Call us to discuss how one of our experienced family lawyers can assist you.

If you have separated from your partner and just want help writing down the agreement so you can both move on, we can help you draft consent orders or parenting plans with the minimum involvement (and cost) possible to achieve this.

We are strong advocates for starting every suitable matter with negotiation, mediation and collaboration to avoid disputes before they start.

Negotiating with your ex-partner, even if you agree on the outcome, can be a tremendously emotional and difficult experience but we aim to assist you to get through it with the minimal amount of stress and financial outlay. We do our best to put ourselves in your shoes and keep the outcome that you want front of mind.

The ending of a relationship does not stop either party from being a parent. Break-downs in relationships don’t have to lead to an argument about parenting. If you are interested in negotiating a Parenting Plan or in seeking parenting orders by consent from the Court then we can help you.

Collaborative Family Law

Wherever possible, we try to practice collaborative family law. That means you and your ex-partner, or your representatives, work together to settle your matter. Even where you think that you can come to an agreement without assistance, a lawyer (or lawyers) can be useful to guide you on what to focus on as part of a long-term agreement. We have lawyers who have acted as accredited mediators and understand the barriers that sometimes stand in the way of settlement.

Where it is not possible for the parties to have open discussion, or where you’ve mostly figured out the details, we can assist by setting the agreement down in writing and obtaining orders from the Court confirming the agreement.

We are experienced in working with other experts, including accountants, to help you understand your financial situation as well as advising you on how to navigate a settlement where there are trusts or company ownership of assets. We can also assist you in managing and/or disposing of jointly held assets following an agreement being entered into or orders being made.

It’s important to know that even if you come to an agreement to transfer the title of a property, stamp duty will still be payable unless you obtain an exemption under the Duties Act 2001. Exemption are granted where parties have obtained orders or entered into a Financial Agreement under the Family Law Act 1975. This means that you will need to obtain orders from the Family Court, or have an agreement drafted by a lawyer, in order to gain an exemption from stamp duty.

Our Approach

We are strong advocates for starting every suitable matter with negotiation, mediation and collaboration to avoid disputes before they start however we know that agreement is not always possible. Parties often hold very different views on what should happen with parenting or property following the breakdown of a relationship.

Negotiating with your ex-partner can be a tremendously emotional and difficult experience but we aim to assist you to get through it with the minimal amount of stress and financial outlay. We know the importance of having a team on your side to offer you support throughout the process and can take you through it step by step.

Where going to court is unavoidable, we will make sure your voice is heard. It’s important to understand the Court’s position on parenting arrangements and property division so that you understand the likely outcome if a Judge decides on the parenting arrangements for your children or how your assets (and liabilities) will be divided. This can assist you to negotiate the best outcome for your family before the court intervenes.

Parenting

The ending of a relationship does not stop either party from being a parent. We recognise that communication with your ex-partner has to continue well after your family law proceedings have finished. As much as possible, we try to smooth the path for your relationship after parenting arrangements are in place so that you can get on with life minus the lawyers.

Property

With financial disputes, it’s not always clear how assets and liabilities can be divided fairly and we provide you with advice tailored to your circumstances. It’s important to understand what a Judge will consider and the likely outcome if your matter goes to hearing. This can assist you with settling the matter before it makes it to a hearing.

We are experienced in working with other experts, including accountants, to help you understand your financial situation as well as advising you on how to navigate a settlement where there are trusts or company ownership of assets. We can also assist you in managing and/or disposing of jointly held assets following an agreement being entered into or orders being made.