What is a Separation Agreement? Why do I need one?
A Separation Agreement (also known as a Binding Financial Agreement) is a legally binding contract which states how two former partners have agreed to divide their assets and finances. It is legally enforceable in Australia under the Family Law Act 1975 (the current legislation) and is recognised as such by the Family Court. This legally binding, written contract prevents any future arguments and provides each party with future financial protection and certainty. It is a faster, cheaper and less stressful alternative than a contested, court-imposed order.
On this website, we have already discussed the advantages to preparing a Separation Agreement yourselves using a professionally drafted template:
- Save on expensive legal fees and potential court fees
- Prevent lengthy, complicated litigation
- Reduce potential conflict the minute lawyers are introduced
- Avoid a detrimental court imposed settlement
- Have more control and freedom over your situation
- Obtain a less stressful and more amicable resolution
- Finalise everything immediately and move on with your life quicker