Financial Agreements were introduced by amendments to the Family Law Act 1975 in 2000. Since that time the provisions relating to Financial Agreements have been amended twice in attempts to make the legislation more useable and to overcome difficulties with technical compliance. The Federal Government has now released an Exposure Draft setting out further proposed changes to the relevant provisions.
The proposed amendments include simplification and clarification of certain technical requirements in the legislation, including requirements relating to when provisions relating to spousal maintenance are binding, and the requirements relating to the independent legal advice to be obtained by each party. Further amendments will relate to the effect of death on agreements, setting aside agreements and the termination of agreements.
Submissions are currently being received on the proposed changes. They must be received by the Attorney-General’s Department by 19 June 2015. A copy of the Exposure Draft and details of how to make a submission can be found by clicking on this Link