FINANCIAL (INCLUDING PRE-NUPTIAL) AGREEMENTS
Requirements To Ensure Agreements Are Binding
There are strict requirements which need to be met to ensure that the Agreement is valid and legally binding. These include:
The Agreement needs to be in writing and signed by all parties.
Before signing the agreement, all parties need to be provided with independent legal advice regarding the effect of the agreement on their rights and the advantages and disadvantages of the agreement.
Either before or after signing the Agreement each party must be provided with a signed statement from their legal representative confirming that they have provided the advice referred to above. That statement must also be provided to the other party.
Binding Financial Agreements entered into prior to, or during, a relationship require one or both of the parties to complete a separation declaration upon the parties separating, before the Binding Financial Agreement takes effect.
If these conditions are not met, the Agreement will not be binding upon you and your former partner.