When it comes to relationships, love may be the foundation, but clear agreements can be the framework that keeps everything strong and future focused. In Wollongong, more couples than ever are choosing to plan ahead with financial agreements , often known as binding financial agreements, prenuptial agreements or postnuptial agreements.
This is a smart approach, because a well drafted financial Agreement isn’t about expecting the worst – it’s about creating certainty and confidence that your financial future, and that of your loved ones, is protected. It makes it clear what the financial decisions are, and ensures that these will be yours to make, and not left to the Court system.
Our Watts McCray Wollongong team are experts at creating all types of financial agreements. So, whether you’re about to enter into a marriage or a de facto relationship, you’re already married or you’re considering blending two families, get in touch. A Financial Agreement can help you set the terms now so you can build your future with confidence.
What is a financial agreement
A financial agreement, often called a BFA, is a legally enforceable document under Australian law that clearly outlines how your assets, debts, financial responsibilities and decisions will be managed if your relationship ends.
A BFA can be created before a marriage or de facto relationship – in which case they’re often better known as a prenuptial agreement. However, they can also be entered into after a marriage or relationship has begun. In this case, they’re known as a postnuptial agreement.
BFAs are governed by Part VIIIA (married couples) and VIIIAB (de facto couples) of the Family Law Act 1975, which allows you to set out how property and spousal maintenance matters are dealt with, as long as agreement is properly drafted and executed.
Your BFA can cover many different types of financial matters and property. For example, it can include how to handle your money, real estate, shares, superannuation, mortgages, business assets and even credit card debt. In short, a BFA lets you decide in advance how your finances will be managed in the event of your relationship ending, giving you certainty and control no matter what the future holds.
Who should consider a financial Agreement?
While any couple can benefit from the certainty a financial agreement provides, it’s especially valuable for couples in situations such as those with:
- Pre-existing wealth, including family businesses, inheritances, property, a large super fund or assets from previous relationships.
- Children from previous relationships, as this protects the assets that are to be earmarked for those children.
- The expectation of a substantial future inheritance to ensure it remains yours or is dealt with according to an agreed plan.
- The desire to have confidence and clarity for the future by agreeing in advance how their property, superannuation, debts or spousal maintenance will be handled to avoid future disputes.
- Ownership or co-ownership in a business, to protect it from becoming part of a property settlement.
Potential benefits of a well-drafted financial Agreement
Regardless of the timing, a Financial Agreement (“BFA”) can bring excellent benefits, including financial clarity, asset protection, business protection and more. Here are some of the potential benefits of a well-drafted BFA.
Financial safety
A BFA sets clear rules, builds confidence over what your financial future will look like and reduces costs and conflict if the marriage does break down at any point.
Asset protection
A BFA can ring fence your pre-relationship assets, inheritances and family gifts. This is particularly important in our modern world, where parents often assist adult children with a home deposit or schooling for grandchildren.
Protection of family businesses
Business continuity is vital for keeping your operations running smoothly. A BFA can protect your business assets and put clear processes in place, so decision-making isn’t disrupted if the relationship ends.
Clarity around second marriages
Second marriages and blended families offer unique challenges when it comes to financial security. A well-drafted BFA can be prepared to support fair arrangements that reflect your intentions for children from both marriages and intergenerational wealth.
Protection of future inheritances and gifts
A BFA is useful to ensure that the money, property or other assets that you expect to inherit remain yours or are otherwise managed according to the terms you’ve agreed in advance.
Lower stress if you separate
When you have a valid BFA in place, the Court will typically uphold your wishes on how you’d like your property or spousal maintenance handled. This means less stress for both parties going forward.
Why choose Watts McCray’s Wollongong lawyers?
Choosing the right lawyer for your financial agreement is just as important as the agreement itself. When you work with our Watts McCray Wollongong team, you’ll work with experts in family law who have the experience to combine technical precision with practical, compassionate and above all human advice.
Our Wollongong team understands the local community, courts and the realities of family finances. We take time to understand your goals, whether that’s protecting a business, safeguarding an inheritance or planning for a second marriage. We then draft an agreement that’s clear, fair and built to withstand scrutiny.
From our initial meeting to final signatures, you’ll know exactly what your agreement does – and why. And you’ll be in the best place to get successful outcomes for your family.
Where you’ll find us in Wollongong
Watts McCray Family Lawyers Wollongong are located at:
Centretown Plaza, Suites 8 & 9, 128-134 Crown Street, Wollongong NSW 2500
Getting here by public transport
Our office is just a short walk from the Wollongong Railway Station, which is serviced by frequent NSW TrainLink South Coast line services from Sydney, Kiama and nearby suburbs. From there you can take the free Gong Shuttle (routes 55A and 55C). This convenient loop service connects the station to the CBD, including key destinations like Wollongong Central, TAFE and local beaches.
Several bus routes also run along Crown and Keira Streets. These are easily accessible and drop you just a block from our office.
Parking options
We offer up to two hours of free appointment parking. Additional public parking is also available on street, with many spaces metered during business hours. There’s also additional public parking nearby at the Wollongong Central Multi-Level Car Park and at the P3 Purple Car Park via Kenny or Keira Street.
FAQs
The cost of your financial agreement will depend on your specific circumstances and how complex they are. Simple agreements can be completed for just a few thousand dollars, while in more complex matters they will cost more. For example, if you have multiple properties, businesses, trusts or superannuation accounts involved, it will be more complicated and time consuming to prepare. And this will lead to more expense.
Our Wollongong lawyers will always give you a clear estimate of fees before starting any work.
A BFA doesn’t typically have an expiry date, unless you wish it to. However, it should be reviewed whenever your circumstances change. This might be when you have a child, if you buy or sell any major assets or if you start a business. This ensures that it still reflects your wishes.
A prenuptial agreement is a type of financial agreement that is entered into before marriage or moving in together. However, a BFA can also be made during the relationship, or even afterwards (when it is also referred to as a postnuptial agreement).
Anyone who is entering into a relationship, is already in a relationship or has ended a relationship can enter into a BFA, whether you’re married or de facto. Both parties to the agreement have to enter into it with independent legal advice and fully informed.
Yes, provided it meets all the requirements under the Family Law Act, including each party receiving independent legal advice from separate, independent lawyers.
Only one lawyer will draft the Agreement, while the other will review it and consider any changes they wish to make. Each party must have independent legal advice from separate legal practitioners for the agreement to be valid.
Yes. If your BFA is valid, it can prevent the Court from dividing property or making spousal maintenance orders for those matters that are covered by the agreement. However, it will not override the Court’s powers if there is unconscionable conduct, fraud or misrepresentation, or if it doesn’t meet the legal requirements for a BFA.
It could also be set aside if there are material changes in circumstances – especially if those circumstances will negatively impact the care, welfare or wellbeing of a child.
Absolutely. This is sometimes also referred to as a postnuptial agreement, and it will have the same impact as any other BFA.
Yes. Full and frank financial disclosure of all assets, liabilities and financial resources is an important requirement to prevent a binding financial agreement being set aside. Both parties must honestly and completely disclose their financial situation to ensure transparency and informed consent.
Disputes, if they can’t be managed through negotiation or mediation, will generally be heard in the Federal Circuit and Family Court of Australia. In Wollongong the local Court is located at Level 1, 43 Burelli Street, Wollongong.
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