VIC Breach of binding financial agreement

[Jen2020]

My ex-husband and I divorced since October last year. After filling the divorce application, we also signed the binding financial agreement that he is to refinance the house he wants to keep (with a big debt) and have me exit the mortgage loan and the title. I was happy for this agreement as I will have to refinance a small unit to keep. It’s now just pass the 7 months post all documents signed, he is saying that he will not be willing to refinance due to a higher interest rate and will not even think about selling the house unless there’s a court order... What’s my best option? Can there be any disadvantage towards me? I can’t put my life on hold until there’s a better interest rate that suits him (is basically what he’s expecting me to do). I plan on selling the small unit and move to another suburb where else to get on with my life. Any advise would be much appreciated, as my solicitor is not showing much interest in responding (will probably need to source another law firm).

 

[CSFLW]

Hello Jen

We are happy to help by giving you some preliminary advice (no charge).

Call us on 1300 529 275 today if that suits.

 

[Atticus]

After filling the divorce application, we also signed the binding financial agreement

First thing you need to do is establish if it is in fact a BINDING financial agreement.... A BFA needs to satisfy statutory requirements if you want to pursue enforcement.... Very basically, the document needs to be signed by both parties, but importantly, you both needed to receive independent legal advice (from lawyers) on the advantages & disadvantages of you signing the agreement, & the lawyer provide you with written confirmation that you received that advice. ...... So do you have that?

he is saying that he will not be willing to refinance due to a higher interest rate and will not even think about selling the house unless there’s a court order... What’s my best option?

As far as I know interest rates are at an historical low, so I think you may well be being mucked about.... The BFA IF BINDING & valid is as good as a court order & can be enforced pursuant to Section 90KA of the family law act...

Depending on the wording of your BFA, your best option is to pursue enforcement..... Consider taking your BFA to a lawyer (perhaps call the number provided above by @CSFLW ) to establish if it's, valid, binding, the terms of the agreement, & possible course of action to enforce it...

If it's not a valid BFA, you may have to apply for a court order, but first things first

 

[Rod]

As above, this is something we can also assist with.