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What should you do if you want a binding financial agreement?

If you want a binding financial agreement, then you will need to discuss the following with your partner beforehand:

• who will work during the relationship?

• is there a plan to have children?

• are there children from previous relationships?

• what happens if either partner can no longer work?

• what happens if a child has a disability or illness requiring significant care?

• what are your retirement goals?

• will assets be joint or separate?

Cameron and Michelle plan for the future

Cameron and Michelle planned a wedding and were looking forward to the big day. Everything was organized except for the financial arrangements for their married life. Cameron had a thriving business and Michelle was the composite professional. Both had saved hard and had decent equity in property and share investment portfolios. They had both reached a level of financial independence long before they met. Although looking forward to married life, they also wanted to protect their property and investments, neither wanted unpleasant surprises and uncertainty if their marriage didn’t work out. Cameron and Michelle carefully considered the different possibilities their future might hold and how they would manage financially. They entered a binding Financial Agreement which provided for their own entitlements and those of any children, ensuring financial hardship and unnecessary legal costs were avoided in their future life.

When will the financial agreement not be binding?

Situations where the agreement may not be binding include:

  • the general laws of contract must be followed,
  • both parties must make full disclosure of their financial situation,
  • parties must not be dishonest or fraudulent in disclosing their financial position,
  • if the procedures set out in the Family Law Act have not been properly followed, or
  • a significant change in the care, welfare and development of a child of the relationship has arisen since the agreement was entered into, which would result in a party suffering hardship if they could not overturn the agreement.

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Accredited Family Law Specialist, FDRP,
Mediator and Parenting Coordinator

Vanessa Mathews is the founder and managing director of Byron Bay Family Law & Mediation Specialists, and has the rare combination of social work qualifications and experience, combined with nearly 20 years’ experience as a lawyer and mediator; it makes her approach to resolving legal relationship issues both sensible and sensitive.

She is a fully accredited family law specialist, mediator, family dispute resolution practitioner and parenting coordinator with a commerce degree – adding a financially astute aspect to her practice.

Vanessa has extensive experience in complex issues that arise from relationship breakdown, and works in partnership with her clients,
who regularly describe her as empathetic

Vanessa is an active member of the family law profession and
a member of the:

  •  Law Institute of Victoria, Family Law Section
  •  Law Council of Australia, Family Law Section
  •  Resolution Institute
  •  Australian Institute of Family Law Arbitrators and Mediators
  • National Mediation Accreditation System
  •  Relationships Australia Family Lawyers Panel
  • Fellow of the International Academy of Family Lawyers
  •  Relationships Australia / Federal Circuit Court ‘Access Resolve’ Mediation Service
  • Relationships Australia ‘Property Mediation’ Service

Vanessa and Byron Bay Family Law & Mediation Specialists
are regularly recognised as a ‘Leading Victorian Family
Lawyer’, ‘Recommended Family Law Mediator’ and a
‘Leading Victorian Family Law Firm’ by Doyle’s Guide to
the Australian Legal Profession.

Get Started With Vanessa

Book A Free Consult

Accredited Family Law Specialist, FDRP,
Mediator and Parenting Coordinator

Vanessa Mathews is the founder and managing director of Byron Bay Family Law & Mediation Specialists, and has the rare combination of social work qualifications and experience, combined with nearly 20 years’ experience as a lawyer and mediator; it makes her approach to resolving legal relationship issues both sensible and sensitive.

She is a fully accredited family law specialist, mediator, family dispute resolution practitioner and parenting coordinator with a commerce degree – adding a financially astute aspect to her practice.

Vanessa has extensive experience in complex issues that arise from relationship breakdown, and works in partnership with her clients,
who regularly describe her as empathetic

Vanessa is an active member of the family law profession and
a member of the:

  •  Law Institute of Victoria, Family Law Section
  •  Law Council of Australia, Family Law Section
  •  Resolution Institute
  •  Australian Institute of Family Law Arbitrators and Mediators
  • National Mediation Accreditation System
  •  Relationships Australia Family Lawyers Panel
  • Fellow of the International Academy of Family Lawyers
  •  Relationships Australia / Federal Circuit Court ‘Access Resolve’ Mediation Service
  • Relationships Australia ‘Property Mediation’ Service

Vanessa and Byron Bay Family Law & Mediation Specialists
are regularly recognised as a ‘Leading Victorian Family
Lawyer’, ‘Recommended Family Law Mediator’ and a
‘Leading Victorian Family Law Firm’ by Doyle’s Guide to
the Australian Legal Profession.

Get Started With Vanessa

Book A Free Consult