S90C Binding Financial Agreement

S90C Binding Financial Agreement: What is it and why do you need it?

A S90C binding financial agreement, also known as a prenuptial agreement or a financial settlement agreement, is a legal document that outlines the division of assets and liabilities in the event of a separation or divorce. This agreement is legally binding and can be enforced by the Family Court.

The purpose of a S90C binding financial agreement is to outline the financial arrangements that will be in place if the relationship breaks down. This can provide clarity and certainty for both parties, and protect them from unnecessary stress and expense in the event of a separation.

Some of the key benefits of a S90C binding financial agreement include:

1. Protecting assets: A S90C binding financial agreement can be used to protect assets and property that were acquired prior to the relationship, or that are considered separate property. This can help to ensure that these assets and property are not divided in the event of a separation.

2. Clarifying financial arrangements: A S90C binding financial agreement can be used to clarify financial arrangements, including the payment of bills, the division of property and assets, and the payment of spousal maintenance (if applicable).

3. Reducing conflict: By outlining the financial arrangements in advance, a S90C binding financial agreement can help to reduce conflict and disputes in the event of a separation. This can be particularly important if there are children involved, as it can help to ensure that their interests are protected.

4. Saving time and money: A S90C binding financial agreement can help to save time and money by avoiding lengthy court proceedings and legal fees.

It is important to note that a S90C binding financial agreement must be prepared by a qualified legal professional and signed by both parties. It is also important to ensure that both parties are fully informed of the implications of the agreement, and that it is fair and reasonable.

In conclusion, if you are in a relationship and want to protect your assets and clarify financial arrangements, a S90C binding financial agreement may be a good option for you. It can provide peace of mind and protection in the event of a separation or divorce, and can help to reduce conflict and expenses. If you are considering a S90C binding financial agreement, it is important to seek the advice of a qualified legal professional.