In marriages and de facto relationships, couples can make binding financial agreements, whether before, during or after the relationship or marriage.
These agreements can cover a variety of matters:
what is to happen if a separation occurs,
what is to happen on a day to day basis, and
what is to happen on the death of a partner.
Financial agreements are very desirable where there is a big discrepancy in the financial positions of the couple, and are often used when a young couple is receiving substantial help from one of their parents. They are also important in second relationships, where both parties may have children of their own whom they want to protect financially.
The benefit of a binding agreement is that if a relationship does not work out, there is no room for an argument about who gets what – that has already been agreed.