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Financial agreements are relevant to both married and de facto (including same sex de facto) couples. However, in order to be binding some strict rules need to be followed.
Married Couples
A pre-nuptial agreement is a contract between spouses. It usually covers what is agreed will happen financially during the marriage and in the event of separation.
While these agreements are often referred to as pre-nuptial agreements, these agreements can be made before a marriage, during the marriage or even after a marriage breaks down. These agreements are known as financial agreements.
De Facto Couples
Financial agreements between de facto couples are dealt with by the Family Law Act 1975.
De facto couples can enter into agreements at the start of or during their relationship and in the event of the breakdown of their relationship. The agreements are referred to as financial agreements.
Financial Agreements
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The implications of Thorne & Kennedy on the future of Binding Financial Agreements
On 8 November 2017 the High Court handed down the much awaited decision of Thorne & Kennedy [2017] HCA 49. The implications of this decision are, as yet, unknown. Family law practitioners are divided in their opinion as to whether...