Posts tagged as:

Financial Agreement

Formalising your Financial Settlement

by Michelle McDermott on July 6, 2016

Michelle McDermott

I have had a number of cases recently involving claims being made by a former spouse/partner in circumstances where a financial settlement had been agreed and, indeed, implemented but without it having been properly formalised.

One of the most important pieces of advice I give to clients when they come in for their first meeting, or even when they simply … Read more

Peter Magee

In November last year, the government introduced the Family Law Amendment (Financial Agreements and other measures) Bill 2015 which intends to amend the Family Law Act.

Some of the consequences of the bill relate to Financial Agreements (which, thanks to American television, are colloquially known as "prenuptial agreements"). In actual fact, Financial Agreements can be entered into prior to a … Read more

Breaking up financially whilst still together?

by Michelle McDermott on March 9, 2015

Michelle McDermott

Whilst catching up on my LinkedIn Groups recently, a headline caught my attention – “Is it time to break up…or just financially break up with your partner?”

As readers of my previous blogs will know, I’ve said on a few occasions that the two main reasons why couples separate, in my experience, is incompatibility with money or sex. So when … Read more

Peter Magee

How far ahead of a wedding should couples enter into a Financial Agreement in order for it to be binding? The recent Federal Circuit Court of Australia case of Parkes & Parkes [2014] FCCA 102 is right on point to answer this question.

In Parkes, the wife argued that the Financial Agreement she signed three days before her wedding day … Read more

The Pre-Nup that can end a happy marriage

by Michelle McDermott on October 21, 2014

Michelle McDermott

An article recently appeared in the BBC News Magazine which picqued my curiosity with the title "The pre-nuptial agreement that can end a happy marriage".  Now, in my experience in both Australian and in the UK, the drafting of a Financial Agreement prior to commencing either a de facto relationship or entering into marriage can certainly be a confronting exercise for the parties as they … Read more

How can the family law process save you money?

by Peter Magee on October 9, 2014

Peter Magee

A reason why former partners should legally formalise their property settlements is so that they are exempt in some circumstances from paying duty for house and land transfers. This could result in a substantial monetary saving for one or both parties.

Stamp duty or Transfer duty (“duty”) is calculated on the value of the property or the money paid for … Read more

Peter Magee

On 31 December 2012 news broke that Grant Hackett was suing his lawyer as a result of a faulty Binding Financial Agreement. This Agreement was entered into prior to his marriage to Candice Alley. This sort of Agreement is known in America as a “Pre-nup”. Although the Agreement entered into by Grant Hackett was one prior to marriage, Binding Financial … Read more

Can you afford to get divorced?

by Peter Magee on September 20, 2011

Peter MageeMany spouses believe that they can’t afford to leave an unhappy marriage. In Canberra, the divorce capital of Australia, some are finding that certain government superannuation schemes make separation a more practical proposition.

An article in Sunday’s Canberra times (14.08.2011) found that Canberra has the highest divorce rate in Australia (almost double the national average). This may have several causes:… Read more