Financial Separation Protection
The client has ended a long-term relationship and is now residing in rented accommodation. The separation was amicable, with no shared properties or children involved. However, the client is concerned about potential future claims on their earnings, inheritance, or lottery winnings by their former partner. They currently have an informal separation agreement and wish to legalize it to ensure comprehensive financial protection. The client believes a written separation agreement drafted by a solicitor is necessary due to concerns about the sufficiency of informal arrangements. All domestic property issues have been resolved, and the client desires complete protection from future claims on their financial benefits.
Questions about this case
These answers have been verified by a lawyer in the LEAP networkWhat steps do I need to take to formalise our separation legally in Victoria?
To formalise your separation legally in Victoria, you should consider obtaining a Binding Financial Agreement (BFA) under the Family Law Act 1975. A BFA can legally protect your assets and future earnings by outlining the division of assets and preventing future claims. Ensure the agreement is signed by both parties and that each receives independent legal advice, documented to confirm understanding of the agreement and its implications.
Are there any potential future claims my partner could make on my assets or income, even after our amicable separation?
Even after an amicable separation, your former partner might have the potential to claim a portion of your assets or future income without a formal financial agreement. Under Australian family law, former partners can make claims within two years of separation unless a binding financial agreement or court order is in place. Claims can be made on any financial resources that arise, such as inheritances or lottery winnings, if no binding agreement exists.
How can I protect any future inheritance or lottery winnings from being claimed by my former partner?
To protect future inheritance or lottery winnings from being claimed by your former partner, consider entering into a Binding Financial Agreement (BFA) under the Family Law Act 1975. This agreement can specify that future assets remain solely yours and are not subject to division. Having the agreement drafted and reviewed by a solicitor ensures its enforceability.
What documentation is required to ensure that our separation agreement is legally binding?
To ensure your separation agreement is legally binding in Victoria, create a written financial agreement under the Family Law Act 1975. This agreement must be signed by both parties and should state its intent to be a binding financial agreement. Independent legal advice is necessary for both parties regarding the effect of the agreement.
Is it necessary to have a legal agreement drafted by a solicitor, or are informal agreements sufficient for protecting my financial interests?
Informal agreements may not offer sufficient protection for your financial interests. A legally binding financial agreement ensures security against future claims and is enforceable under the Family Law Act 1975. A solicitor's involvement is crucial to meet legal requirements.
