This document creates a binding financial agreement for parties who are contemplating entering into a de facto relationship.
Note: This document assumes that both parties are ordinarily resident outside of WA.
The agreement will be created under the provisions of the Family Law Act 1975 (Cth).
Section 90UA specifies that two de facto parties can make a Part VIIIAB financial agreement under section 90UB of the Family Law Act 1975 (Cth) only if the parties are ordinarily resident in a participating jurisdiction (which does not include WA) when they make the agreement. A Part VIIIAB financial agreement pursuant to section 90UB of the Family Law Act 1975 (Cth) is a binding financial agreement:
1️⃣ By two parties who are contemplating entering into a de facto relationship; and
2️⃣ Providing 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 parties at the time when the agreement is made, or at a later time …
Important: Independent Legal Advice for both parties from their own lawyer [before they sign] is required for the prenup to be valid!
It's a critical element for the validity of a binding financial agreement that both parties are provided with independent legal advice from their own respective Australian legal practitioners.
This must happen before the parties sign the binding financial agreement.
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