Commonwealth Consolidated Acts

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FAMILY LAW ACT 1975 - SECT 90XN

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   90XJ(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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