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Financial Agreement Pursuant to Section 90C of the Family Law Act

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What is Section 90c?

Section 90c of the Family Law Act deals with financial agreements made between parties who are contemplating entering into a marriage, a de facto relationship, or who are already married or in a de facto relationship. The purpose of this section is to allow parties to make their own arrangements in regards to property, spousal maintenance, and other financial matters in the event of a separation.

What is a Financial Agreement?

A financial agreement is a legally binding document that is made between two parties who wish to make their own arrangements in regards to financial matters. It can cover property settlements, spousal maintenance, and other financial matters, and can be made before, during, or after a marriage or de facto relationship.

Why Make a Financial Agreement?

There are a variety of reasons why parties may wish to make a financial agreement pursuant to section 90c of the Family Law Act. Some common reasons include:

– Protecting assets: If one party has significant assets, they may wish to protect those assets in the event of a separation.

– Avoiding court: Making a financial agreement can help parties avoid going to court in the event of a separation, which can be a costly and time-consuming process.

– Clarity: A financial agreement can provide clarity and certainty for parties in regards to their financial arrangements in the event of a separation.

What Should be Included in a Financial Agreement?

A financial agreement should be tailored to the specific needs of the parties involved. Some common things that may be included in a financial agreement pursuant to section 90c of the Family Law Act include:

– Property settlements: This may include how property is owned, how it will be divided in the event of a separation, and how any debts will be handled.

– Spousal maintenance: This may include how much spousal maintenance will be paid and for how long.

– Superannuation: This may include how any superannuation will be divided in the event of a separation.

– Other financial matters: This may include how any other financial matters, such as investments or inheritances, will be handled in the event of a separation.

In Conclusion

A financial agreement pursuant to section 90c of the Family Law Act can provide parties with clarity and certainty in regards to their financial arrangements in the event of a separation. If you are considering making a financial agreement, it is important to seek legal advice to ensure that your agreement is legally binding and tailored to your specific needs.