Section 90UC Financial Agreements: All You Need to Know
In Australia, financial agreements are legal documents that allow couples to make decisions about their property and financial affairs before, during, and after their marriage. These agreements are regulated under the Family Law Act 1975 and can be created and registered with the Family Court of Australia.
Section 90UC of the Act specifically deals with financial agreements made by parties to a de facto relationship. A de facto relationship is defined as a relationship between two people who are not married but are living together in a domestic relationship. The law recognizes de facto couples in the same way as married couples, and they have the same rights and obligations under the law.
Financial agreements under Section 90UC can be made before, during, or after the de facto relationship. The agreements can cover various financial matters such as property, superannuation, and spousal maintenance. The primary purpose of a financial agreement is to provide certainty and clarity about the financial arrangements of the parties in the event of a separation.
To be legally binding, a financial agreement under Section 90UC must meet specific requirements. Firstly, the agreement must be in writing and signed by both parties. Secondly, each party must receive independent legal advice before signing the agreement. Thirdly, the legal advice must be given by a qualified family law practitioner who must sign a statement confirming that they have provided the advice.
It is essential to note that financial agreements under Section 90UC are binding and can only be set aside by the Court in limited circumstances such as fraud, undue influence, or unconscionable conduct. Therefore, it is crucial to seek the assistance of a qualified family law practitioner before entering into a financial agreement.
In conclusion, financial agreements under Section 90UC of the Family Law Act 1975 provide a mechanism for de facto couples to make informed decisions about their property and financial affairs. The agreements must meet specific legal requirements to be legally binding, and it is advisable to seek independent legal advice before entering into an agreement. If you require further information or assistance regarding Section 90UC financial agreements, contact a qualified family law practitioner.