The concept of a financial agreement under Section 90D of the Family Law Act 1975 may seem complex, but it is a crucial tool for couples who wish to formalize their financial arrangements in the event of separation or divorce.
In layman`s terms, Section 90D allows couples to enter into a legally binding agreement that outlines their respective rights and obligations in relation to property, spousal maintenance, and other financial matters. The agreement can be made at any time, but it is typically done before or during the course of the relationship.
Why consider a financial agreement?
There are several reasons why couples may choose to enter into a financial agreement. For one, it can provide clarity and certainty in the event of separation or divorce. Rather than leaving financial matters up to the discretion of a judge, the couple can agree on how their assets will be divided and any support payments that will be made.
A financial agreement can also help to protect the assets of one or both parties. For example, if one spouse enters the relationship with significantly more wealth or assets, a financial agreement can ensure that those assets are not subject to division in the event of a breakup.
What needs to be included in a financial agreement?
For a financial agreement to be valid under Section 90D, it must meet certain requirements. Firstly, the agreement must be in writing and signed by both parties. Both parties must also obtain independent legal advice before signing the agreement.
The agreement must also include a statement from each party`s legal advisor confirming that they provided independent legal advice on the agreement, and that they explained the effect of the agreement to their client.
In terms of the substance of the agreement, there are a few key areas that need to be covered. These include the property that will be covered by the agreement, any spousal maintenance or support payments that will be made, and any other relevant financial arrangements (such as debts or superannuation).
It is important to note that a financial agreement cannot override certain provisions of the Family Law Act 1975, such as those relating to child support. If the agreement includes provisions that contravene the Act, those provisions will be invalid.
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In summary, a financial agreement under Section 90D of the Family Law Act 1975 is an important legal tool for couples looking to formalize their financial arrangements. By ensuring that the content around this topic is optimized for SEO, it is possible to make it more visible to people searching for information on this subject and ultimately improve user engagement.