Financial agreements are agreements about financial arrangements in the event of marriage breakdown, separation or divorce. Since December 2000, these agreements can be legally binding, provided that they are signed and provided that each person received independent legal and financial advice before signing. In limited circumstances, courts can declare the agreement to be invalid.
Financial agreements can be made before, during or after a marriage. They often cover matters such as the division of assets after the marriage and the financial support of one spouse by the other after the marriage. They are intended to impact the division of property and the payment of maintenance.
As from 1st March, 2009 de facto parties may enter into a financial agreement under the Family Law Act
