Is disclosure a requirement for a legally binding financial agreement?

Published: 20 March 2024

Disclosure is indeed a crucial aspect of a legally binding financial agreement. In Australia, both parties involved in the agreement are required to provide full and transparent disclosure of their financial assets, liabilities, and any other relevant information. This transparency helps ensure that both parties have a complete understanding of each other’s financial situation and can make informed decisions when entering into the agreement. Failing to disclose important information can not only lead to a breach of the agreement but also result in legal consequences.

Pursuant to section 90K of the Family Law Act 1975, any binding financial agreement that has been obtained by fraud, such as the non-disclosure of a material matter by a party, could result in the agreement being set aside or otherwise terminated by the court.

In such circumstances, there would be no point to enter into the agreement with disclosure withheld as the other party could easily seek an order of the court to have the agreement set aside or terminated.

 

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