Financial Agreements are legally binding if they comply with the requirements specified in the Family Law Act 1975 (cth):
- the Agreement must be signed;
- each party must receive legal advice from a solicitor before signing their Agreement;
- each party must be given a signed statement by the solicitor stating that they received their legal advice; and
- each party must give the other party a copy of their solicitor’s statement confirming they have received their legal advice.
Even in circumstances where the parties have not fully complied with the above formal requirements, the Court can still make an order declaring a financial agreement to be binding, if it is satisfied that it would be unjust and inequitable if it were not (section 90G of the Family Law Act).