Financial agreements deal with all the assets owned individually or jointly by the individuals signing the agreement. These assets may include property, real estate, investments of all kinds, superannuation etc.
The agreement cannot include other private matters and terms like parenting rules and arrangements. The agreement is limited to assets, financial assets and related matters. Other shared responsibilities needs to be addressed separately by the family lawyers.
Reasons why people choose to enter into financial agreements
There are several reasons as to why people choose to enter into financial agreements. The most important one would be that financial agreements are considered to be legally private and therefore do not require the consent of any court.
When private parties are not comfortable sharing the details of their assets in court or on a public platform then entering a financial agreement will actually benefit them in the larger scheme of things.
Furthermore, financial agreements can cater to the division or sharing of assets based on whether the parties are entering into the agreement before a marriage or during a separation. This helps ensure that every asset whether privately or jointly owned is well protected.
Financial agreements also help ensure that both the parties entering into the agreement are legally protected with regards to their joint or individual wealth.
Things to remember before entering into a financial agreement
Before you choose to enter into a financial agreement it is important to thoroughly consult your family lawyers. Hire lawyers who are reliable and who you can trust. Family Lawyers Sydney will help you draft the final agreement and advise you on how to settle the properties or assets. Furthermore, they will be able to advise you on various other factors too that enable fair distribution or sharing of assets.