(1) A Part VIIIAB 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 de facto relationship, 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 during the de facto relationship;
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 90UG).
(2) Subsection (1) ceases to apply if either or both of the spouse parties 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 death(s).
Requirements for a valid separation declaration
(3) A separation declaration is a written declaration that complies with subsections (4) and (5), and may be included in the Part VIIIAB financial agreement to which it relates.
(4) The declaration must be signed by at least one of the spouse parties to the Part VIIIAB financial agreement.
(5) The declaration must state that:
(a) the spouse parties lived in a de facto relationship; and
(b) the spouse parties have separated and are living separately and apart at the declaration time; and
(c) in the opinion of the spouse parties making the declaration, there is no reasonable likelihood of cohabitation being resumed.
Meaning of declaration time
(6) In this section:
"declaration time" means the time when the declaration was signed by a spouse party to the Part VIIIAB financial agreement.