Federal Justice System Amendment (Efficiency Measures) Act (No. 1) 2009 (122 of 2009)

Schedule 5   Binding financial agreements

Part 1   Financial agreements

Family Law Act 1975

8   Application

(1) The amendments made by items 1A to 7A apply in relation to financial agreements, and termination agreements, made on or after 27 December 2000.

(2) However, those amendments do not apply in relation to an agreement if, before the commencement of this item, a court has made an order setting aside the agreement.

(3) If, before the commencement of this item, a court has made an order under section 79 or 83 of the Family Law Act 1975 on the basis that an agreement did not bind the spouses, then, after the commencement of this item, the agreement is taken not to bind them.

(4) For a financial agreement made before 14 January 2004, paragraph 90G(1)(b) of the Family Law Act 1975, as inserted by item 2 of this Schedule, does not apply and the following paragraph 90G(1)(b) of that Act is taken to have been inserted by that item and to apply instead:

(b) before signing the agreement, each spouse party was provided with independent legal advice from a legal practitioner about:

(i) the effect of the agreement on the rights of that party; and

(ii) whether or not, at the time when the advice was provided, it was to the advantage, financially or otherwise, of that party to make the agreement; and

(iii) whether or not, at that time, it was prudent for that party to make the agreement; and

(iv) whether or not, at that time and in the light of such circumstances as were, at that time, reasonably foreseeable, the provisions of the agreement were fair and reasonable; and

(5) For a termination agreement made before 14 January 2004, paragraph 90J(2)(b) of the Family Law Act 1975, as inserted by item 5 of this Schedule, does not apply and the following paragraph 90J(2)(b) of that Act is taken to have been inserted by that item and to apply instead:

(b) before signing the agreement, each spouse party was provided with independent legal advice from a legal practitioner about:

(i) the effect of the agreement on the rights of that party; and

(ii) whether or not, at the time when the advice was provided, it was to the advantage, financially or otherwise, of that party to make the agreement; and

(iii) whether or not, at that time, it was prudent for that party to make the agreement; and

(iv) whether or not, at that time and in the light of such circumstances as were, at that time, reasonably foreseeable, the provisions of the agreement were fair and reasonable; and

(6) For a financial agreement made before the commencement of this item, paragraphs 90G(1)(c) and (ca) of the Family Law Act 1975, as inserted by item 2 of this Schedule, do not apply.

(7) For a financial agreement made before the commencement of this item, paragraph 90G(1A)(b) of the Family Law Act 1975, as inserted by item 4A of this Schedule, does not apply and the following paragraph 90G(1A)(b) of that Act is taken to have been inserted by that item and to apply instead:

(b) paragraph (1)(b) is not satisfied in relation to the agreement; and

(8) For a termination agreement made before the commencement of this item, paragraphs 90J(2)(c) and (ca) of the Family Law Act 1975, as inserted by item 5 of this Schedule, do not apply.

(9) For a termination agreement made before the commencement of this item, paragraph 90J(2A)(b) of the Family Law Act 1975, as inserted by item 7A of this Schedule, does not apply and the following paragraph 90J(2A)(b) of that Act is taken to have been inserted by that item and to apply instead:

(b) paragraph (2)(b) is not satisfied in relation to the agreement; and