Financial agreements can be accessed by any two people who are married or are preparing to marry. Financial agreements are binding – in that sense they are very challenging to overturn – but they should satisfy the official requirements specified in section 90G of the Family Law Act 1975 (“the Act”) to achieve this status: the agreement must be penned. An oral agreement won’t suffice. This is because they are quite intricate documents, and uniqueness is essential; both parties must receive independent legal advice from a legal practitioner. These tips must tell each of you what the agreement means for you, in terms of your rights, and the advantages and disadvantages of the agreement. It is suggested that you get this advice in writing; the agreement must contain a clause stating you have each acquired such advice; a signed certificate from the legal practitioner attesting to this advice must be attached to the agreement; each party must sign the agreement; finally, each party must have either a copy or the original of the financial agreement.
Prior to the ability to produce Binding Financial Agreements (BFAs) was extended to same-sex and de facto relationships, when such a relationship had split up, both sides would have had to prepare themselves for some long-winded and laborious litigation through the Supreme Court. Thank goodness, this has now all been altered with the introduction of section 90UD of the Family Law Act 1975 which specifically entitles people in de facto relationships to agree upon what they consider to be a fair division of property and money once the relationship has broken down. Efficiently, this now puts de facto agreements in the same category as is already loved by husbands and wives. It indicates that same-sex relationships are apportioned with the exact same rights to heterosexual couples and this will be observed as a welcome move by many gay rights groups that have been involved and campaigning throughout these challenges.