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.]