(1) A financial agreement that is binding on the parties to the agreement, to the extent to which it deals with how, in the event of the breakdown of the marriage, all or any of the property or financial resources of either or both of the spouse parties:
(a) at the time when the agreement is made; or
(b) at a later time and before the termination of the marriage by divorce;
are to be dealt with, is of no force or effect until a separation declaration is made.
Note: Before the separation declaration is made, the financial agreement will be of force and effect in relation to the other matters it deals with (except for any matters covered by section 90DB).
(1A) Subsection (1) ceases to apply if:
(a) the spouse parties divorce; or
(b) either or both of them die.
Note: This means the financial agreement will be of force and effect in relation to the matters mentioned in subsection (1) from the time of the divorce or death(s).
(2) A separation declaration is a written declaration that complies with subsections (3) and (4), and may be included in the financial agreement to which it relates.
(3) The declaration must be signed by at least one of the spouse parties to the financial agreement.
(4) The declaration must state that:
(a) the spouse parties have separated and are living separately and apart at the declaration time; and
(b) in the opinion of the spouse parties making the declaration, there is no reasonable likelihood of cohabitation being resumed.
(5) In this section:
"declaration time " means the time when the declaration was signed by a spouse party to the financial agreement.
"separated " has the same meaning as in section 48 (as affected by section 49).