5 things you need to know about a Financial Agreement
What is a Financial Agreement?
In the world of family law, a Financial Agreement is a document:
- prepared by lawyers;
- signed by both parties and their lawyers;
- deals with how parties’ property and assets will be divided when they separate or if they have already separated;
- deals with the issue of spousal maintenance – whether one party with pay the other, or if neither party will have a claim against the other;
- does not deal with parenting matters; and
- is a binding and enforceable document in the same way as court orders are and brings finality to property matters between parties
- Do you need a lawyer?
Yes. In order for this document to be prepared and properly signed, each party needs to have their own lawyer.
- How quickly can I get it done?
In preparing this document, each party will need to provide information about their assets and liabilities, as well as the terms of the agreement about how their property is to be divided or what they have agreed about spousal maintenance. How quickly the document can be prepared and signed will depend on how quickly the parties can gather this information and the lawyer’s availability to work on the documents. From start to finish it could be as quick as a few weeks, or if a matter is complicated could take many months.
The document does not need to be sent to court to be approved, which means the length of time it takes to get it done, can be quicker than Consent Orders.
- How much does it cost?
The cost will vary depending on the prices charged by each parties’ lawyer and again, the complexity and detail of the parties’ circumstances and agreement reached. The costs can range from $3,000 to over $10,000.
- Where do I start?
As each party needs to have a lawyer the best place to start would be getting in touch with a lawyer to speak to them about your particular circumstances. That way you can find out if a Financial Agreement is right for your matter, and what other issues there are to consider to resolve property and spousal maintenance issues after separation.
We offer an initial consultation of $440 during which we can discuss with you whether a Binding Financial Agreement is the best option for you, or whether consent orders maybe better suited to your matter, as well as outlining the estimated range costs and how long it will take to finalise your matter.
If you would like to have a brief initial chat with one of our family lawyers about a financial agreement or organise an initial consultation with the team call us on (07) 5591 5099 and a member of our team will be happy to assist you.
McLaughlins Lawyers, your experienced Gold Coast lawyers, we stand beside you and are here to help you when you need us.
Author: Joelene Nel
Director: Sophie Pearson
Date: 8 February 2021