Financial Agreement Set Aside

In Black and Black (2008) FLC 93-357 a financial agreement provided that the parties would purchase a home together after the wife received the proceeds of her personal injuries claim. If they separated, the home was to be sold and the net proceeds of sale divided equally between them.

The husband wished to have the agreement set aside as it did not comply with the statutory requirements for a binding financial agreement of the Family Law Act 1975 (Cth).

The members of the full court noted that the agreement did not contain a statement directly acknowledging that the parties received legal advice in relation to the matters set out in the legislation. A strict interpretive approach and strict compliance requirements had to be applied.

The court set aside the financial agreement.