Setting Aside Financial Agreements

Provided the [necessary conditions] are met, unless the Agreement specifies to the contrary, the Agreement can only be terminated by the consent of the parties to the Agreement; either by executing a Terminating Agreement or entering into a further Agreement which specifically terminates the earlier Agreement.

If no Agreement can be reached to terminate an Agreement, an Application needs to be made to the Federal Circuit Court or Family Court of Australia to set aside the Agreement.

Section 79A of the Family Law Act specifies the grounds upon which an Agreement can be terminated as follows:

If it will cause hardship in situations where there is a material change in the circumstances of the parties’ child;

There was duress, that is illegitimate pressure exerted on a party to sign the agreement;

There has been fraudulent activity in relation to the agreement;

Where the intent of the agreement has been to defraud a creditor;

Where it is unenforceable or void due to mistake, misrepresentation, incompleteness, uncertainty, breach or public policy; and

Where there was unconscionable conduct when the agreement was entered into.