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Do you need to make another financial agreement after having children or can you change the FA after it has been signed?

Here are a couple of common questions on changing financial agreements.

If I make a Prenuptial agreement and things change after we are married like we have children, how will this affect the viability of the agreement? Can I make another agreement under sect 90C?

Answer: Yes, but it must be completely fresh and with new certificates of advice… and of course agreed to by your partner. It is under a different section of the Act, 90C instead of 90B.

If I have an existing agreement with my wife, can we make another agreement and supersede our first agreement?

Answer: Yes, but it must be completely fresh and with new certificates of advice… and of course agreed to by your partner.

Can you change an agreement after it has been certified?

Yes.  If you haven’t yet finalised/signed your Financial Agreement, you will need to have a solicitor review your updated Agreement and provide you with current advice and a statement confirming they have provided you with the advice, before you sign it as your original advice will be obsolete.

If you have already finalised/signed your Financial Agreement, any changes must take the form of a completely new Financial Agreement.  The new Agreement must contain a clause terminating the old one and will set out the new terms and conditions.  You will also need to follow all the procedures for creating a valid Financial Agreement, however small the changes may be. This means that you will both need to receive independent legal advice pertaining to your new Agreement before signing it, and follow all other procedures consistent with creating a new Financial Agreement.

 


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