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Financial Agreements: make sure you get it right

Financial agreements are binding if done properly.  We have acted in many cases where we have been able to overturn financial agreements in the Family Court because of mistakes in the agreement and proper advice not being given to the parties. One of our matters is now a leading case in this area.  The case […]

Financial Agreements: make sure you get it right

Financial Agreements: make sure you get it right

By Aylward Game - Aug 26, 2014 Divorce, Family Law Blog

Financial agreements are binding if done properly.  We have acted in many cases where we have been able to overturn financial agreements in the Family Court because of mistakes in the agreement and proper advice not being given to the parties. One of our matters is now a leading case in this area.  The case went through the Court and then an Appeal in the Full Court of the Family Court in Brisbane.

An example of this involves a leading Australian sportsman who sought to protect his vast assets when entering into marriage via financial agreement. We do town agency work (representing other firms in the Family Court) for a Melbourne legal firm that acted for the wife in the matter in question. This firm sought an opinion from a Barrister on whether the wife should enter into the agreement.   The Barrister’s opinion was that it was unfair for the wife and the advice given to the wife was Do not enter into the agreement.

After marriage, the wife was successful in overturning the agreement on the basis that the advice given to her was not sufficient for the purpose of entering into a finical agreement under the Family Law Act. The Court awarded her a substantial interest in her husband’s financial estate much to the dismay of her former husband.

The husband then brought proceedings against his former wife’s solicitors based on negligence.

Financial agreements must be done properly otherwise they have no force or effect.