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FAMILY COURT ACT 1997 - SECT 205ZU

FAMILY COURT ACT 1997 - SECT 205ZU

205ZU .         Termination of financial agreement and former financial agreement — FLA s. 90J

        (1)         The parties to a financial agreement or a former financial agreement may terminate the agreement only by —

            (a)         including a provision to that effect in another financial agreement as mentioned in section 205ZN(4), 205ZO(4) or 205ZP(4); or

            (b)         making a written agreement (a termination agreement ) to that effect.

        (2)         A termination agreement is binding on the parties if, and only if —

            (a)         the agreement is signed by both parties to the agreement; and

            (b)         the agreement contains, in relation to each party to the agreement, a statement to the effect that the party to whom the statement relates has been provided, before the agreement was signed by him or her, as certified in an annexure to the agreement, with independent legal advice from a legal practitioner as to the following matters —

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

                  (ii)         the advantages and disadvantages, at the time that the advice was provided, to the party of making the agreement;

                and

            (c)         the annexure to the agreement contains a certificate signed by the person providing the independent legal advice stating that the advice was provided; and

            (d)         the agreement has not been set aside by a court; and

            (e)         after the agreement is signed, the original agreement is given to one of the parties and a copy is given to the other.

        (3)         A court may, on an application by a person who was a party to the financial agreement, or the former financial agreement, that has been terminated, or by any other interested person, make such order or orders (including an order for the transfer of property) as it considers just and equitable for the purpose of preserving or adjusting the rights of persons who were parties to that agreement and any other interested persons.

        [Section 205ZU inserted: No. 25 of 2002 s. 47; amended: No. 35 of 2006 s. 33.]