In 2017, the High Court of Australia handed down a judgment that
could have potentially resulted in
Binding Financial Agreements being a thing of the past. The
matter, Thorne v
Kennedy, prompted significant thought and media attention -
especially by virtue of the fact that the High Court of Australia
rarely weighs in on
family law matters.
Even with the judgement from this case being taken into account,
it has not been my experience that the need for, or applicability
of, Binding Financial Agreements has in any way lessened.
Financial Agreements are designed to clearly set out what should
occur with the parties'
property and financial resources in the event that their
marriage (or
de-facto relationship) breaks down. The matter of Thorne v
Kennedy involved a Binding Financial Agreement that was entered
into pursuant to
Section 90B of the Family Law Act, an agreement made in
contemplation of marriage.
