Financial agreements are binding and enforceable, but only if they are made in a way that follows the procedures required by the Family Law Act.
Financial agreements describe how the property and financial resources are to be divided between the parties if they separate. The agreement may provide for the maintenance of one or both parties.
The agreement must be in writing and signed by each of the parties. It is necessary for each party to have obtained independent legal advice before signing the agreement.
Financial agreements can be terminated by written consent or set aside by a court.