Financial Agreements and your partner(s)

Why wait until there’s a problem?

Naturally the time most people consult their lawyers is once there is a problem, however at Erina Legal we can help you prevent problems.

Financial agreements are agreements parties make at the beginning of a partnership, often when people first move in together, but also when partners start up business ventures or invest together in an enterprise. They are an agreement about how assets and interests are to be managed if in the future partnerships split up.

With almost 1 in 2 marriages ending in divorce it is sensible and practical to make a financial plan for domestic relationships.

Business partnerships also need to consider how they will manage a situation where one or more partners wish to leave the partnership. All business partnerships should have an agreement in place to handle the variety of unexpected or planned for circumstances that can come up and cause potential conflict. Financial agreements are critical for small business owners, as certainty around control of assets affects both your personal finances and those of your business - and as a result the business' future viability.

The main benefit of addressing this issue early is that it will reduce costs in the long run – emotional and financial. An additional benefit is that it can reduce the likelihood of separation or conflict, as there is more clarity about finances in the partnership – which is one of the main reasons cited for breakdowns of relationships - both business and personal.

Financial Agreements are quick and easy to arrange. Call us now on 02 4365 6556 to discuss how they can benefit you.