Commonwealth Consolidated Acts

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FAMILY LAW ACT 1975 - SECT 90MN

Flag lifting agreement etc.

             (1)  At any time when a payment flag is operating on a superannuation interest, the spouses may make an agreement (a flag lifting agreement ) that either:

                     (a)  provides that the flag is to cease operating without any payment split; or

                     (b)  specifies an amount, method or percentage in accordance with subsection 90MJ(1).

             (2)  If the flag lifting agreement provides for a payment split, the spouses may at any time make an agreement (a termination agreement ) that terminates the flag lifting agreement.

             (3)  A flag lifting agreement or termination agreement has no effect unless it complies with the following requirements:

                     (a)  the agreement must be signed by both spouses;

                     (b)  for each spouse, the agreement must contain a statement that the spouse has been provided with independent legal advice from a legal practitioner as to the legal effect of the agreement;

                     (c)  a certificate must be attached to the agreement, signed by the person who provided the legal advice and stating that the advice was provided;

                     (d)  after the agreement is signed by the spouses, each spouse must be provided with a copy of the agreement.

             (4)  A court may make an order setting aside a flag lifting agreement or termination agreement if, and only if, the court is satisfied as to:

                     (a)  if the spouses are parties to a marriage--any of the grounds set out in subsection 90K(1) (other than paragraph 90K(1)(f)); or

                     (b)  if the spouses are parties to a de facto relationship--any of the grounds set out in subsection 90UM(1) (other than paragraph 90UM(1)(i)).

             (5)  An order setting aside a flag lifting agreement also operates to set aside the related financial agreement or Part VIIIAB financial agreement.

             (6)  An order under section 90K setting aside a financial agreement also operates to set aside the related flag lifting agreement.

             (7)  An order under section 90UM setting aside a Part VIIIAB financial agreement also operates to set aside the related flag lifting agreement.



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