Asset Protection and Financial Agreements
Financial Agreements are written private agreements, in which parties to a marriage or de facto relationship can document their agreement as to the division of property, superannuation and spousal maintenance. Financial Agreements can be entered into before, during or after the end of a de facto relationship or marriage.
Provided the Financial Agreement is prepared correctly, it will prevent the Family Law Court from interfering with or making orders inconsistent with what is agreed and contained in the Financial Agreement.Financial Agreements can include third parties such as creditors, family members, family companies and trusts.There is no requirement for a Financial Agreement to be approved or registered with any Family Law Court. Financial Agreements, which are prepared properly, are the only method of resolving property and spousal maintenance disputes without a court order.
Financial Agreements can be used to:
1. In Queensland, limit the possibility of estate claims;
2. To provide greater protection of assets from the interference of the Family Law Court than simply holding them in a trust or family company;
3. Protect the accumulation of significant pre-relationship assets or to protect assets for children of a prior relationship;
4. Protect expected substantial inheritance, particularly in farming cases where the family fortune maybe a rural property;
5. Protect loans from a spouse’s parent or other third party which may otherwise not be classified as a loan by the Family Law Court; and
6. Protect a “granny flat” investment; where a parent or parents of one of the spouses applied funds to the matrimonial home to facilitate extension or renovation to accommodate them.
To ensure that Financial Agreements are effective, it is critically important that appropriate time and planning is undertaken in the preparation and review of a Financial Agreement. This will ensure that the Financial Agreement accurately reflects the wishes and intentions of all parties to the agreement and that it properly considers corporate and trust entities, self managed superannuation funds and any tax implications.
When dealing with the complexity of Asset Protection and Financial Agreement, what’s required is the specialist skills and knowledge only a long standing background in family law can provide. With over 20 years of experience Waller Family Lawyers can proficiently manage all of your Asset Protection and Financial needs. To get in touch with Waller Family Lawyers today please visit the contact page.
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