Document ID: chunk:federal_register_of_legislation:C2008A00115:clause:1_90ul
Version: federal_register_of_legislation:C2008A00115
Segment Type: clause
Provision Reference: sch 1 cl 90UL
Character Range: 114498–116630

90UL  Termination of financial agreement

 (1) The parties to a Part VIIIAB financial agreement may terminate the agreement for the purposes of this Act only by:
 (a) including a provision to that effect in another Part VIIIAB financial agreement as mentioned in subsection 90UB(4), 90UC(4) or 90UD(4); or
 (b) making a written agreement (a Part VIIIAB termination agreement) to that effect.

 (2) A Part VIIIAB termination agreement is binding on the parties if, and only if:
 (a) the termination agreement is signed by all parties to the Part VIIIAB financial agreement; and
 (b) the termination agreement contains, in relation to each spouse party, a statement to the effect that the party to whom the statement relates has been provided, before the termination agreement was signed by him or her, as certified in an annexure to the termination agreement, with independent legal advice from a legal practitioner as to the following matters:
 (i) the effect of the termination agreement on the rights of that party;
 (ii) the advantages and disadvantages, at the time that the advice was provided, to the party of making the termination agreement; and
 (c) the annexure to the termination agreement contains a certificate signed by the person providing the independent legal advice stating that the advice was provided; and
 (d) the termination agreement has not been set aside by a court; and
 (e) after the termination agreement is signed, the original termination agreement is given to one of the spouse parties and a copy is given to each of the other parties.

 (3) A court may, on an application by:
 (a) a person who was a party to the Part VIIIAB financial agreement; or
 (b) any other interested person;
make such order or orders (including an order for the transfer of property) as it considers just and equitable for the purpose of preserving or adjusting the rights of:
 (c) persons who were parties to the Part VIIIAB financial agreement; and
 (d) any other interested persons.

Note: For the manner in which the contents of a Part VIIIAB financial agreement may be proved, see section 48 of the Evidence Act 1995.