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Financial Agreements

Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100

Peter Magee

There are two ways to finalise a property settlement. You can obtain an Order from the Court by consent or following a final trial, or, you can execute a Financial Agreement.

The effect of a binding Financial Agreement is that it prevents the Court from being able to make property adjustment orders pursuant to sections 79 or 90SM of the Family Law Act 1975 (Cth). It also can deal with spousal maintenance and prevent your former partner from filing an application for spousal maintenance with the Court in the future.

Financial Agreements are made pursuant to one of six different sections of the Family Law Act. In contemplation of, during and post a de facto relationship or in contemplation of, during, or post a marriage. Interestingly, it is also possible to execute a Financial Agreement both during a de facto relationship and in contemplation of marriage. It is important to ensure your lawyer drafts the Financial Agreement pursuant to the correct section/s of the Act which must be clearly specified.

Often in relationships there is an economic power imbalance. As the Court does not approve Financial Agreements, it is possible to execute an Agreement which is not necessarily just and equitable for each party. Therefore, it is a requirement that each party to a Financial Agreement receives independent legal advice prior to signing the Agreement otherwise it is not considered binding. In the event a party has not received independent legal advice, signed the Agreement under duress, undue influence and/or unconscionable conduct, the Agreement can be set aside by the Courts. If an Agreement is set aside, it means that either party can commence proceedings seeking a property settlement and/or spousal maintenance.

In the event you are considering entering into a Financial Agreement, we recommend you seek advice from one of our experts during a no obligation initial appointment.

where to next?

If you have any questions regarding family law, we invite you to telephone Armstrong Legal’s experienced, knowledgeable and approachable Family Lawyers. We look forward to discussing your family law questions with you and can also help you arrange a no obligation initial consultation at our office so that we can meet you in person and discuss your case in greater detail. Our office is conveniently located in Melbourne CBD at Level 13, 575 Bourke Street, Melbourne, VIC.

Why Choose Armstrong Legal?

Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100

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