Independent Legal Advice on Binding Financial Agreements
We provide Certificates of Independent Legal Advice for Binding Financial Agreements.
In Australia, a binding financial agreement cannot be “binding” unless each spouse or de facto partner gets independent legal advice on the agreement before signing it. This is one of the requirements set out in section 90G of the Family Law Act 1975 (Cth) and section 205ZS of the Family Court Act 1997 (WA), which deal with what makes a financial agreement “binding”.
Our practice is located outside of the Perth CBD and because of this our hourly rates are 20% lower than the standard rates charged by most Perth law firms. Our rates are extremely competitive compared to the rates charged by other commercial law firms.
In order for advice on the binding financial agreement to be “independent”, each spouse or de facto partner to the agreement must get independent legal advice from different lawyers.
If independent legal advice is not obtained then the financial agreement is not considered binding.
The advice must cover:
1. How the binding financial agreement affects your rights; and
2. The advantages and disadvantages of entering into the binding financial agreement.
After we give advice on a binding financial agreement, we provide a Certificate that is attached to the agreement as evidence that the independent legal advice has been provided.
A binding financial agreement will be binding “if and only if” the specified conditions are satisfied, including each party getting independent legal advice. These strict conditions are in place because of the power of a binding financial agreement to override the jurisdiction of the Family Court.
If you would like a quote for us to give independent legal advice on a draft binding financial agreement or prepare a binding financial agreement, then contact us today.