Is your financial agreement binding?
In order for the financial agreement to be binding:
1. It must be in writing and signed by all parties to the financial agreement;
2. The parties to the agreement must not be party to another financial agreement concerning property settlement or spousal maintenance matters;
3. The financial agreement must state the relevant section of the family law legislation;
4. Before the financial agreement is signed the parties to the financial agreement must receive adequate advice from their independent lawyers, including advice in respect to:
(a) The effect of the agreement on the rights of that party and about the advantages and disadvantages of that party to enter into the agreement
(b) The effect of the agreement on the rights of that party;
(c) Whether or not, at the time when the advice was provided, it was to the advantage (financially or otherwise) of that party to enter into the agreement;
5. The parties must each receive a statement from their legal practitioner that sufficient advice was provided, and a copy of that statement has been exchanged with the other party; and
6. The financial agreement cannot have been terminated or set aside by a court.