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VIC Family Law - Possible to Set Aside a Binding Financial Agreement?

Discussion in 'Family Law Forum' started by Carlybee, 28 September 2015.

  1. Carlybee

    Carlybee Member

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    Hi,
    I have a question about having a binding financial agreement set aside.

    My husband and I have been separated since 2011 and have a binding financial agreement leaning financially in his favour. He failed to disclose the value of the internet marketing company he/we own and entered nil or nominal as the value, and I recently discovered that he was to sell the company to a publicly listed company for $500,000. He threatened me to sign the agreement by stating that he would bankrupt the company if I tried to go for half.

    I am now on a low income pension after being a stay at home Mum while we were together, while my husband and new girlfriend are living off the substantial income from the company I helped grow whilst allowing my husband to work on the business while I stayed home to raise our Son.

    Are either of the above circumstances grounds under Family Law for the binding financial agreement to be set aside?

    Thank you.
     
  2. AllForHer

    AllForHer Well-Known Member

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    As I understand it, a binding financial agreement can be set aside if one of the parties can prove a significant change in circumstances after the agreement was made, such that the agreement would lead to financial hardship of one of the parties if it were not set aside. Specifically, if the child was born after the agreement was made, this may constitute a change in circumstances due to the higher costs not accounted for in the agreement.

    The other concern is the failure to disclose the value of the marketing company, which I believe might be considered unconscionable conduct or fraud, rendering the binding financial agreement void.

    Can anyone else confirm?
     
    Carlybee likes this.

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