Overturning Binding Financial Agreement: What You Need to Know
Binding financial agreements, also known as prenuptial agreements, are contracts that are signed by couples before getting married or beginning a de facto relationship. These agreements outline how assets and liabilities will be divided in the event of a relationship breakdown. While they can be beneficial in some circumstances, binding financial agreements are not always appropriate and can be overturned if they are found to be unfair, unconscionable, or improperly executed.
Here are some things you need to know about overturning a binding financial agreement:
1. Grounds for challenging a binding financial agreement: To successfully overturn a binding financial agreement, you must show that one or more of the following grounds apply:
– You were coerced or pressured into signing the agreement.
– You did not receive legal advice before signing the agreement.
– The terms of the agreement are unfair or unreasonable.
– You were not fully informed about your partner`s financial situation at the time you signed the agreement.
– There has been a material change in circumstances since the agreement was signed.
2. Seeking legal advice: If you believe that you have grounds to challenge a binding financial agreement, it is important to seek legal advice from a family law expert. They will be able to assess your situation and advise you on the best course of action.
3. Mediation: Before going to court to challenge a binding financial agreement, it is recommended that you attempt to resolve the issue through mediation. Mediation is a process where a neutral third party helps you and your partner come to an agreement. This can be a more cost-effective and less stressful way of resolving the issue.
4. Court proceedings: If mediation is unsuccessful, you may need to commence court proceedings to challenge the validity of the binding financial agreement. This can be a lengthy and expensive process, so it is important to carefully consider your options before proceeding.
5. Time limitations: There are time limitations for challenging a binding financial agreement. If you are seeking to overturn a binding financial agreement, you must do so within two years from the date of signing the agreement. If you fail to do so within this time frame, you will need to seek leave from the court to commence proceedings.
In conclusion, overturning a binding financial agreement is not an easy process, but it is possible if you have grounds to do so. It is important to seek legal advice from a family law expert, attempt mediation, and carefully consider your options before proceeding with court proceedings. By following these steps, you may be able to successfully challenge the validity of a binding financial agreement and achieve a fairer outcome for both parties.