Binding financial agreements, serving Greater Geelong

Hestia Law is a woman-led family law practice led by Principal Stefani Janson. We help people prepare binding financial agreements before marriage, before or during a de facto relationship, and after separation, with care, discretion and clear advice.

This page is for people in Geelong, the Bellarine, the Surf Coast and Wyndham. We serve Greater Geelong. Consultations are available in person or online. In-person meetings are available in Newtown, Geelong.

Fixed fees from $5,500 (incl. GST).

Call 0425 132 179 or send a confidential enquiry using the form on our contact page. We call back within one business day.

Who this page is for

This page is for people in Geelong, the Bellarine, the Surf Coast and Wyndham who want advice about a binding financial agreement, including:

• couples planning to marry
• people about to enter, or already in, a de facto relationship
• married or de facto couples who have separated and want to formalise how property and finances are to be dealt with
• people who want to record how a business, property, an inheritance or an interest in a family trust is to be treated if the relationship ends

We act for clients of all genders. We are an LGBTIQIA+ ally and queer-inclusive firm.

We can act for only one person to an agreement. The other person must get independent advice from their own lawyer.

What a binding financial agreement is

A binding financial agreement is a written contract made under the Family Law Act 1975. If it is prepared and entered into properly, it can record how property and financial resources are to be dealt with if a marriage or de facto relationship ends. It can also deal with maintenance of a spouse or de facto partner. An agreement can cover all aspects of the financial relationship, or only some issues.

People sometimes call an agreement made before marriage a prenuptial agreement, or a prenup. The legal term is a financial agreement. The same kind of agreement can also be made during a relationship or after it ends.

If a financial agreement is binding, those financial or property issues are generally dealt with under the agreement rather than by a court application. That does not mean an agreement can never be challenged. The Court can set an agreement aside in some circumstances, as explained below.

If you have already separated and you agree on how to divide property, you can usually formalise that agreement through consent orders or a binding financial agreement. If you want to record arrangements before you marry or before you start living together, a financial agreement is the formal option under the Family Law Act.

When you can enter into an agreement

Under the Family Law Act 1975, you can enter into a financial agreement:

• before you marry
• during a marriage, including after you have separated, and after a divorce order is made
• before a de facto relationship starts, or while you are in one
• after a de facto relationship ends

The agreement must be in writing, and it must be expressed to be made under the relevant part of the Act.

What is needed for an agreement to be binding

For a financial agreement to be binding, all of the following generally need to be met:

• both of you sign the agreement
• before you sign, each of you is given independent legal advice from your own lawyer about the effect of the agreement on your rights, and about the advantages and disadvantages, at that time, of making the agreement
• each of you is given a signed statement from your lawyer confirming that this advice was provided
• a copy of that statement is given to the other person, or to their lawyer
• the agreement has not been terminated, and has not been set aside by a court

Independent legal advice is mandatory. We can act for only one of you. The other person must obtain advice from a different lawyer.

Agreements can be set aside in some circumstances

Even if an agreement meets these formal requirements, the Federal Circuit and Family Court of Australia can set it aside in some circumstances. Those circumstances include, for example, fraud or a failure to disclose a material matter, unconscionable conduct when the agreement was made, or a later change in circumstances relating to the care of a child that would cause hardship if the agreement stayed in place.

Entering into an agreement does not guarantee that it can never be challenged. Whether an agreement is suitable, and how it should be prepared, depends on your circumstances. We will explain this in the first consultation.

How a binding financial agreement is prepared

1. A confidential first conversation. Call 0425 132 179 or send an enquiry. Your first call is a free 20-minute conversation. We will listen to what you want to achieve, explain whether a financial agreement may be suitable, and let you know whether we can help.
2. An initial consultation. We meet in person or online to look at your situation in detail, including any business, property, inheritance, superannuation or family trust, and explain your options and likely next steps. The initial consultation is $450 plus GST. That fee is waived if you go ahead with drafting the agreement.
3. A clear plan and a confirmed fee. You receive written advice on the way forward, and the fixed fee is confirmed in writing before work starts.
4. Gathering financial information. Each of you should give a full and accurate picture of your finances. A failure to disclose a material matter can be a reason for the Court to set an agreement aside.
5. Drafting, independent advice and signing. We prepare a written agreement for you. Before you sign, we advise you about the effect of the agreement on your rights, and about the advantages and disadvantages of making it at that time. The other person must get the same kind of advice from their own lawyer. Each lawyer provides a signed statement that the advice was given, a copy of that statement is given to the other person or their lawyer, and both of you sign the agreement.

If the agreement deals with superannuation, further steps may be needed after signing, including giving notice to the superannuation fund.

Fees

Fixed fees from $5,500 (incl. GST).

This is a starting price. The fixed fee for your matter depends on the complexity of your circumstances, and is confirmed in writing before work starts. The other person will need their own lawyer, and their costs are separate.

Your first 20-minute call is free. The initial consultation is $450 plus GST. That fee is waived if you go ahead with drafting the agreement.

Enquire confidentially

Send a confidential enquiry using the form on our contact page, or call 0425 132 179.

Your enquiry is confidential. We call back within one business day, at the time you chose where possible. Calling or submitting this form does not create a lawyer and client relationship. If your matter is urgent, call 0425 132 179. If you are in immediate danger, call 000.

What happens when you get in touch

1. A confidential first conversation. Call 0425 132 179 or send an enquiry. Your first call is a free 20-minute conversation. We will listen to what is happening and let you know whether we can help.
2. An initial consultation. We meet in person or online to look at your situation in detail and explain your options and likely next steps. The initial consultation is $450 plus GST. That fee is waived if you go ahead with drafting the agreement.
3. A clear plan and a confirmed fee. You receive written advice on the way forward, and the fixed fee is confirmed in writing before work starts.

Taking the first step is often the hardest part. Call 0425 132 179 or send an enquiry, and we will take it from there.

Email: admin@hestialaw.com.au

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