Tag: financial agreements

The relevant principles applying to financial agreements to determine the provision of independent legal advice to achieve compliance with s 90G and s90UJ of the Family Law Act. The Family Law Act 1975 (Cth) governs the binding nature of financial agreements between parties in Australia, with particular emphasis on compliance with sections 90G and 90UJ. Central to this compliance is the provision of independent legal advice, which safeguards the understanding and consent of each party. This legal advice must address...

What is a binding financial agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalizing property settlement and spousal maintenance issues outside of the Court. Also referred to as “pre-nups”, binding financial agreements are created between parties of a relationship or marriage to legally protect and allocate assets if the event the marriage ceases. Whilst many people believe planning for divorce before the marriage begins is controversial, a binding financial agreement is prudent estate planning, similar to...