A second option available to formalise your property settlement agreement with your former partner is through a Financial Agreement. This Agreement can only be used for a financial settlement, including the resolution of spouse maintenance issues.
Financial Agreements do not need to be sanctioned by the Court, notwithstanding you may be involved in current Court proceedings. Financial Agreements require strict compliance with legislative requirements, including the requirement that for an Agreement to be binding, each of you and your former partner must have independent legal advice. Each of the lawyers giving the independent legal advice must also certify they have provided such advice.
The same type of Financial Agreement can be used when parties are entering into a new relationship and are looking for asset protection. These Agreements are commonly referred to as “pre-nups”.
Formalising your separation agreement Quick Links
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