In this edition of ‘It depends’, special counsel Craig Turvey talks about how financial agreements can be used from a family law perspective.
Craig, along with Steven Jell, will be covering this topic in more detail during their session ‘The many uses of financial agreements’, at our Annual Adviser Conference on 21 and 22 March. Register now to attend live at Sofitel Brisbane or virtually.
In this edition of It depends, I’d like to talk about financial agreements, from a family law perspective. At our Annual Advisor Conference on the 21st and 22nd of March, Steven Jell and I will be talking about the topic. Steven, from an estates and planning perspective and me, from a family law perspective.
What is a financial agreement?
A financial agreement is a written agreement between two parties as to some or as many financial aspects as they would like of their relationship. So, it can cover anyone in the category of de facto, pre de facto, married, separated or post-divorce. So, it covers the entire spectrum of relationships.
Do I need one?
It depends. While on one level a financial agreement is an unromantic document, so it’s pre-empting what might happen if you separate and how some or all of your assets might be divided. It could be a really sensible idea for people in specific categories. For example, where there’s intergenerational wealth in a family and it may be that you or your children will benefit from the wealth being passed down and you’re worried about a family law separation and what that might mean for the integrity of the group. It could also be, for example, where you’re a couple who are in later in life, you’ve accumulated a lot of separate assets, but you’re romantically involved and you’re just worried that if you separate that the assets that you’ve worked very hard to accumulate might be tied up in a family law property settlement. So, for people in those in many other different categories, it can be a really good idea.
Steven Jell and I will be talking about that in a lot more detail at the Cooper Grace Ward Annual Advisor Conference on the 21st and 22nd of March. If you haven’t already registered, please do so.