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What are the disadvantages of entering into a financial agreement?

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The disadvantage of making a Binding Financial Agreement is that you give up the right to have a Court decide for you, about the matters you have dealt with in your Agreement. This means that the court cannot take into account matters which it otherwise would because you have decided to control your own affairs.

For example, lets say you have stated in your agreement that “each party will retain all their right title and interest to their superannuation entitlements and have no further claim on the entitlements of the other.” You can’t then change your mind and ask the court to make a decision about giving you a piece of the other persons Superannuation, without first attempting to have the agreement set aside.

About the author

Director of RP Emery Legal Kits. As a non-lawyer herself, she understands the confusion and unease that many people experience when confronted with a legal issue. That’s why she works to make legal matters simpler and more easily understood. The bottom line is that there are many common legal transactions that you can handle yourself quite comfortably.