A financial agreement is a written document that states how your property is to be divided. It can be made before, during or at the end of your relationship. It does not have to be approved by a court, but there are strict rules about financial agreements.
If your property settlement is determined by the family law courts and the court decides to make an order, they will be just and fair and look at below mentioned circumstances:
- Your assets and your debts, and what they are worth when added together;
- Direct financial contributions by each party to the relationship;
- Indirect financial contributions by each party, such as gifts or inheritances;
- Non-financial contributions to the relationship, such as caring for children;
- Future requirements – such as age, health, financial resources, caring responsibilities and capacity to earn.
It is important to know that you can save time and money if you can reach agreement without going to court. By going to court, there is uncertainty about what the judge might decide.