The Family Law Act enables parties to a marriage or a de facto relationship to enter into their own agreement in respect of their financial affairs without the need to approach a Court. A financial agreement is not a court order and is not registered with the Court.
A financial agreement can cover; financial settlements, financial support and any incidental issues with respect to the former relationship. There are six types of Financial Agreements which may be drafted pursuant to the Family Law Act:
- Financial Agreements before Marriage (s 90B)
- Financial Agreements before De Facto Relationship Cohabitation (s 90 UB)
- Financial Agreements during Marriage (s 90C)
- Financial Agreements during De Facto Relationship Cohabitation (s 90UC)
- Financial Agreements after Marriage (s 90D)
- Financial Agreements after breakdown of a De Facto Relationship (s 90UD)
There are many requirements for a Financial Agreement to be considered binding, and even then, it may still be overturned by order of the Court.