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FAMILY LAW ACT 1975 - SECT 90UL

Termination of financial agreement

             (1)  The parties to a Part VIIIAB financial agreement may terminate the agreement for the purposes of this Act only by:

                     (a)  including a provision to that effect in another Part VIIIAB financial agreement as mentioned in subsection 90UB(4), 90UC(4) or 90UD(4); or

                     (b)  making a written agreement (a Part VIIIAB termination agreement ) to that effect.

             (2)  Subject to subsection (2A), a Part VIIIAB termination agreement is binding on the parties if, and only if:

                     (a)  the termination agreement is signed by all parties to the Part VIIIAB financial agreement; and

                     (b)  before signing the termination agreement, each spouse party was provided with independent legal advice from a legal practitioner about the effect of the termination agreement on the rights of that party and about the advantages and disadvantages, at the time that the advice was provided, to that party of making the termination agreement; and

                     (c)  either before or after signing the agreement, each spouse party was provided with a signed statement by the legal practitioner stating that the advice referred to in paragraph (b) was provided to that party (whether or not the statement is annexed to the termination agreement); and

                    (ca)  a copy of the statement referred to in paragraph (c) that was provided to a spouse party is given to the other spouse party or to a legal practitioner for the other spouse party; and

                     (d)  the termination agreement has not been set aside by a court.

          (2A)  A Part VIIIAB termination agreement is binding on the parties if:

                     (a)  the termination agreement is signed by all parties to the Part VIIIAB financial agreement; and

                     (b)  one or more of paragraphs (2)(b), (c) and (ca) are not satisfied in relation to the termination agreement; and

                     (c)  a court is satisfied that it would be unjust and inequitable if the termination agreement were not binding on the spouse parties to the agreement (disregarding any changes in circumstances from the time the agreement was made); and

                     (d)  the court makes an order under subsection (2B) declaring that the termination agreement is binding on the parties to the agreement; and

                     (e)  the termination agreement has not been set aside by a court.

          (2B)  For the purposes of paragraph (2A)(d), a court may make an order declaring that a Part VIIIAB termination agreement is binding on the parties to the agreement, upon application (the enforcement application ) by a spouse party seeking to enforce the agreement.

          (2C)  To avoid doubt, section 90UN applies in relation to the enforcement application.

             (3)  A court may, on an application by:

                     (a)  a person who was a party to the Part VIIIAB financial agreement; or

                     (b)  any other interested person;

make such order or orders (including an order for the transfer of property) as it considers just and equitable for the purpose of preserving or adjusting the rights of:

                     (c)  persons who were parties to the Part VIIIAB financial agreement; and

                     (d)  any other interested persons.

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



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