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Binding financial agreements explained
Requirements for a binding financial agreement
- For your binding financial agreement to be legally binding, which means that you and your partner must honour it, there are several things that you must have done. You and your partner must have:
- Agreed to the terms and signed the agreement;
- Received independent legal and financial advice before signing so you understand your rights and the pros and cons of the agreement; and
- Received a statement from your lawyer confirming that they gave you advice and gave a copy of this to your partner.
Why do I need a lawyer?
A financial agreement will not be binding unless you and your partner have received independent legal advice. This ensures that you both understand what the agreement means and how it will impact you in the future.
It can be tricky to have open conversations about money when emotions are involved. A family lawyer can help you negotiate an arrangement and draft the agreement so the process is as quick and painless as possible.