We all work hard to to earn, invest and grow our wealth to live a comfortable life and to assist our family in the future. What happens when your family dynamics change and the wealth you have accumulated for your family, for your children to invest, becomes caught up in a family law dispute? The best way to protect your wealth and your family’s financial future is by entering into a financial agreement NOW, before the breakdown of your relationship.
Planning for your future includes not only making the right investment decisions but also protecting those investments. A financial agreement can be thought of like an insurance policy – you may never need to use it but it’s there for piece of mind. People take out life insurance, home and contents and various other insurances; an insurance policy for your future wealth is arguably no different.
Many people have heard of financial agreements in the context of people getting married in the American term of a “pre-nup”. What many people do not know is that these agreements can be entered at all stages of a relationship, not only before, but during and after separation. This gives people the flexibility to manage their financial affairs based on their ever changing financial circumstances.
So how do you sign up to a financial agreement?
1. Both parties must obtain independent legal advice
2. The agreement must be in writing; and
3. The agreement must strictly comply with the Family Law Act 1975.
4. If you are considering whether a financial agreement is right for you, you can contact Samantha Lewis, accredited specialist in family law from Nolan Lawyers for more information on 80145885.
Sam is a BNI Edge Member who holds the Family Law chair for the chapter, you can find her here or if you would like to hear more about becoming a BNI Edge Member and opening your business up to a whole world of networking opportunities click here.