Document ID: chunk:federal_register_of_legislation:C2004A00736:clause:2_90g
Version: federal_register_of_legislation:C2004A00736
Segment Type: clause
Provision Reference: sch 2 cl 90G
Character Range: 58529–60187

90G  When financial agreements are binding

 (1) A financial agreement is binding on the parties to the agreement if, and only if:
 (a) the agreement is signed by both parties; and
 (b) the agreement contains, in relation to each party to the agreement, a statement to the effect that the party to whom the statement relates has been provided, before the agreement was signed by him or her, as certified in an annexure to the agreement, with independent legal advice from a legal practitioner as to the following matters:
 (i) the effect of the agreement on the rights of that party;
 (ii) whether or not, at the time when the advice was provided, it was to the advantage, financially or otherwise, of that party to make the agreement;
 (iii) whether or not, at that time, it was prudent for that party to make the agreement;
 (iv) whether or not, at that time and in the light of such circumstances as were, at that time, reasonably foreseeable, the provisions of the agreement were fair and reasonable; and
 (c) the annexure to the agreement contains a certificate signed by the person providing the independent legal advice stating that the advice was provided; and
 (d) the agreement has not been terminated and has not been set aside by a court; and
 (e) after the agreement is signed, the original agreement is given to one of the parties and a copy is given to the other.

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

 (2) A court may make such orders for the enforcement of a financial agreement that is binding on the parties to the agreement as it thinks necessary.