When financial agreements are binding


Family Alw Act 1975: Section 90G:

When financial agreements are binding

    (1)  Subject to subsection (1A), a financial agreement is binding on the parties to the agreement if,             and only if:

          (a)  the agreement is signed by all parties; and

          (b)  before signing the agreement, each spouse party was provided with independent legal                         advice from a legal practitioner about the effect of the agreement on the rights of that party                   and about the advantages and disadvantages, at the time that the advice was provided, to                   that party of making the agreement; and

          (c)  either before or after signing the agreement, each spouse party was provided with a signed                   statement by the legal practitioner stating that the advice referred to in paragraph (b) was                     provided to that party (whether or not the statement is annexed to the agreement); and

                (ca)  a copy of the statement referred to in paragraph (c) that was provided to a spouse                                 party is given to the other spouse party or to a legal practitioner for the other spouse                             party; and

          (d)  the agreement has not been terminated and has not been set aside by a court.

          Note:      For the manner in which the contents of a financial agreement may be proved, see                 section 48 of the Evidence Act 1995.

    (1A)  A financial agreement is binding on the parties to the agreement if:

           (a)  the agreement is signed by all parties; and

           (b)  one or more of paragraphs (1)(b), (c) and (ca) are not satisfied in relation to the agreement;                  and

           (c)  a court is satisfied that it would be unjust and inequitable if the agreement were not binding                  on the spouse parties to the agreement (disregarding any changes in circumstances from                      the time the agreement was made); and

           (d)  the court makes an order under subsection (1B) declaring that the agreement is binding on                   the parties to the agreement; and

           (e)  the agreement has not been terminated and has not been set aside by a court.

    (1B)  For the purposes of paragraph (1A)(d), a court may make an order declaring that a financial                  agreement is binding on the parties to the agreement, upon application (the enforcement                      application) by a spouse party seeking to enforce the agreement.

    (1C)  To avoid doubt, section 90KA applies in relation to the enforcement application.

      (2)  A court may make such orders for the enforcement of a financial agreement that is binding on                the parties to the agreement as it thinks necessary.

Please call AussieLegal on 1300 728 200 for more information on Binding Financial Agreements under Australian lawfor a fixed price of $1,875.00 including legal advice and certification from 2 independent family law solicitors.