Binding Financial Agreement After De Facto Relationship – Under Section 205ZP of the Family Court Act 1997 (WA)
A binding financial agreement, pursuant to section 205ZP of the Family Court Act 1997 (WA) is an agreement by two parties on how the property of both of parties is to be dealt with. A well-drafted financial agreement, will cover issues of financial settlement, financial support and any incidental issues arising after the breakdown of a de facto relationship.
It is important to note, that drafting a financial agreement is complex and the couple needs to be clear about what they want in agreement. Therefore, to be legally binding, the financial agreement needs to be signed after both parties have received independent legal and financial advice before signing.
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