Family Law – Financial Agreements

Family Law – Financial Agreements were introduced into the Australian Family Law System in 2002 and now have applicability across all relationship breakdowns in Australia.

What is a Financial Agreement?

A Financial Agreement is an agreement between two parties to a relationship (either marital or defacto in nature) which can be made at three distinct stages of the relationship. A Financial Agreement can be made before a relationship commences (a pre-nuptial type agreement), during a relationship or after a relationship has come to an end.

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Wills Amendment Act

The Wills Act 1970 was amended by the Wills Amendment Act 2007. The amendments came into effect on 9 February 2008.

One major change in the Act was the insertion of section 14A which states that a Will shall be revoked upon the ending of a Testator’s marriage unless, pursuant to subsection 2 of that section, a contrary intention appears in the Will or there is other evidence establishing that intention.
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