An important aspect of financial agreements between de facto partners is that they have no effect when the parties marry. If you enter into a financial agreement with your current or intentional de facto partner and then decide to get married, it is important that you follow medical advice well in the head of the wedding. And beyond that, a financial agreement will provide the answers to all the difficult questions that may arise in the event of the end of your relationship. It is much easier to make these decisions now, when you are still on the same side as during a painful separation. Married couples and common-partner couples can now enter into binding financial agreements at all stages of their relationship (also known as “pre-married agreements” among married persons and also formally known as co-housing agreements, domestic relations agreements and termination agreements for common-reason couples). Parties may enter into binding financial arrangements before marriage or cohabitation, during marriage or cohabitation, or after divorce or separation. Although a cohabitation agreement is like a marriage, it is not the same as a marriage contract. A marriage is only used if two people are thinking about marriage. Indeed, many states have laws that do not respect the marital agreement if the couple decides not to marry. The idea of a couple financial agreement, if you`re not married, may seem a bit ridiculous. Perhaps one of the reasons why you did not get married, because you are not ready for a formal financial agreement between the two of you.
The Tribunal may delay a financial agreement in the following circumstances: the development of a binding financial agreement is complex. The couple needs to know what they need to know about the agreement. Financial arrangements made before a marriage or a de facto relationship can determine how to manage the assets and financial means of the parties in the event of a breakdown of the relationship. They may also contain provisions relating to the maintenance of one of the parties. Catherine Ballantyne-Choo (completely discreet: she`s my sister), 27, and Peter Felske, 30, both signed a financial contract when they got engaged in 2017 (in her case, it was a prenupe). Prenupes carry a negative stigma — they make images of greed and mistrust. But for Catherine and Peter, it`s a practical arrangement. Before the meeting, Catherine bought a condo and Peter is a co-owner in her family`s store. As they live together in Catherine`s apartment, they have a joint account for food, utilities, travel and mortgages. With the Prenup, Catherine`s co-ownership and individual bank accounts, as well as Peter`s business and individual bank accounts, are not shared between the two. Only their joint account is divided 50/50.
It is important to consider a binding financial agreement if: in the following video series, CGW family law partner Justine Woods talks about what you need to know about binding financial agreements for married and de facto couples, including the pros and cons, potential risks and loopholes and what the process should entail. Joanna and Peter have a heart for their fears and decide to keep all the assets they already own and share the assets they create. They write their agreement in a binding financial agreement and now know exactly what will happen if the unthinkable happens.