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Financial Agreement for Australia

Financial Agreement Template for Australia

An Australian Financial Agreement is a legally binding document governed by the Family Law Act 1975 (Cth) that establishes financial arrangements between parties. The agreement comprehensively details the division of assets, liabilities, financial support arrangements, and future financial considerations. It must comply with strict legislative requirements, including mandatory independent legal advice for all parties, and can cover various aspects from property division to superannuation arrangements. The document is particularly relevant in Australian jurisdiction and must meet specific requirements under both Commonwealth and relevant State/Territory laws to maintain its binding nature.

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What is a Financial Agreement?

The Financial Agreement is a crucial legal document used in Australian jurisdiction to establish clear and binding financial arrangements between parties. It is commonly utilized in various contexts, including pre-nuptial, post-nuptial, or separation scenarios, and must strictly comply with the Family Law Act 1975 (Cth). The document requires careful preparation and must include comprehensive financial disclosure from all parties, independent legal advice certificates, and detailed arrangements for property division, financial support, and asset management. It can cover current assets, future acquisitions, business interests, and superannuation, making it essential for protecting parties' financial interests and providing certainty in their arrangements. The agreement's effectiveness relies on proper execution, full disclosure, and compliance with legislative requirements.

What sections should be included in a Financial Agreement?

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement, relationship status, and purpose of the financial agreement

3. Definitions and Interpretation: Definitions of key terms and interpretation clauses

4. Independent Legal Advice: Acknowledgment of receipt of independent legal advice by all parties as required by the Family Law Act

5. Financial Disclosure: Full and frank disclosure of financial circumstances by all parties

6. Division of Property: Details of how property and assets are to be divided or maintained

7. Financial Maintenance: Arrangements for ongoing financial support or maintenance between parties

8. Binding Nature: Clause confirming the binding nature of the agreement and compliance with s90G of the Family Law Act

9. Severance: Provisions for severing invalid clauses while maintaining the validity of the remainder

10. Confidentiality: Obligations regarding confidentiality of the agreement and its terms

11. Dispute Resolution: Process for resolving disputes arising from the agreement

12. Governing Law: Specification of Australian law as governing law and jurisdiction

13. Execution: Formal execution provisions and signing requirements

What sections are optional to include in a Financial Agreement?

1. Superannuation: Arrangements regarding superannuation splitting or maintenance (required if superannuation is included in the agreement)

2. Business Interests: Provisions dealing with business ownership and operation (required if either party owns business interests)

3. International Assets: Specific provisions for overseas assets and compliance with international laws (required for international property)

4. Children's Education: Provisions for funding children's education (relevant when parties have children)

5. Death and Insurance: Provisions regarding life insurance and effect of death on the agreement

6. Future Acquired Property: Treatment of assets acquired after the agreement (relevant for ongoing relationships)

7. Loan and Debt Arrangements: Specific provisions for handling existing or future loans and debts

8. Family Gifts and Inheritances: Treatment of gifts or inheritances from family members

What schedules should be included in a Financial Agreement?

1. Schedule 1 - Asset Schedule: Comprehensive list of all assets owned by the parties, including values and ownership details

2. Schedule 2 - Liability Schedule: List of all liabilities and debts of the parties

3. Schedule 3 - Financial Disclosure: Detailed financial statements and documents from both parties

4. Schedule 4 - Certificates of Independent Legal Advice: Signed certificates from legal practitioners confirming independent advice

5. Appendix A - Property Valuations: Professional valuations of significant assets

6. Appendix B - Business Valuations: Independent valuations of business interests (if applicable)

7. Appendix C - Superannuation Statements: Current superannuation statements from all funds

8. Appendix D - Supporting Documents: Additional relevant documentation such as bank statements, tax returns, or property titles

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions


































Clauses

































Relevant Industries

Legal Services

Financial Services

Banking

Real Estate

Wealth Management

Professional Services

Family Law

Property Management

Business Advisory

Accounting

Relevant Teams

Legal

Compliance

Risk Management

Financial Advisory

Wealth Management

Property Services

Contract Administration

Document Control

Client Relations

Professional Services

Relevant Roles

Family Lawyer

Legal Counsel

Financial Advisor

Wealth Manager

Property Lawyer

Commercial Lawyer

Mediator

Financial Planner

Banking Relationship Manager

Legal Partner

Associate Lawyer

Paralegal

Contract Administrator

Risk Manager

Compliance Officer

Industries







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