The Australian Law Reform Commission (ALRC) recently submitted a discussion paper proposing changes to our family law system.
One of the proposed changes relate to Binding Financial Agreements, which are commonly entered into by our clients. Of the many proposed changes, the ALRC has considered whether these agreements should be approved by the Family Court before parties enter such agreements and whether the family law legislation should be amended to completely remove the ability to make binding pre-nuptial financial agreements.
We agree that greater safeguards could be implemented to protect parties who enter financial agreements and effectively oust the provisions of the Family Law Act 1975 (Cth) in the division of their assets. However, we are concerned that such approaches will deprive individuals of the ability to enter into amicable agreements freely and we cannot imagine the delays parties will experience in receiving court-approved agreements in a system that is already backlogged and under-resourced!
What do you think about these proposed changes?
One of our very own solicitors, Jyotsna Singh, is a member of the Law Society of NSW Family Law Committee. The Family Law Committee is currently preparing submissions to the ALRC in response to the discussion paper DP86. Submissions are due to the ALRC by 13 November 2018.
If you want to share your thoughts about the proposed changes, feel free to contact Jyotsna at V.S George Lawyers on 9150 6991. Let your thoughts count!