Beware the 'do-it-yourself' financial agreement

Equilaw Solicitors is often reinforcing the message to any couple entering into a Financial Agreement that they must ensure it is legally binding. Even with a ‘do it yourself’ kit, they still need a solicitor.

“Do it yourself kits” may be appealing from a cost saving point of view, however, you still need to seek a Family Law solicitor. Financial Agreements are only binding, even the “do it yourself” ones, if it can be established that independent legal advice was sought by each party prior to executing the Agreement.

A Certificate pursuant to the Family Law Act must be attached to an Agreement confirming that independent legal advice was obtained.

In short, couples coming to their own arrangements in relation to the division of property, particularly after separation, must still seek out a solicitor for legal advice.

Financial Agreements can be entered into either prior to, during, or after a marriage. Provided such agreements are executed correctly and pursuant to the terms of the Family Law Act , they will be considered legally binding.