When is a binding financial agreement legally binding and enforceable?

All types of financial agreements must comply with strict legal guidelines as outlined in the Family Law Act:

1. They must be in writing and signed by all parties.
2. Each person must have received independent legal advice before signing the financial agreement.
3. The legal advice provided must have come from a lawyer in the Australian jurisdiction.
4. Each person must have signed the financial agreement voluntarily (free from coercion, duress or undue influence). For example, this means one person cannot tell the other that they will not marry them unless they sign a prenuptial financial agreement.
5. The financial agreement should contain a complete disclosure of each person’s financial circumstances.