Pursuant to section 90G of the Family Law Act 1975 (Cth) each spouse party to a Financial Agreement must be provided with independent legal advice from a legal practitioner about the effect of the Agreement and about the advantages and disadvantages of the Agreement.
If either party does not receive independent legal advice the Financial Agreement will not be binding on the parties.
Therefore, in order for the Agreement to be binding both parties need to see a different lawyer, from different firms.
Also, entering into a Financial Agreement is a very important decision and one that must not be taken lightly without proper legal advice in relation to the advantages and disadvantages of the Agreement and the effect of the Agreement. This is because the Agreement will have the effect of ousting the jurisdiction of the Family Law Courts and mandating the division of property at separation. Both you and your spouse/partner’s position in the Agreement is likely to be diametrically opposed.
Therefore, any one lawyer will not be able to provide adequate legal advice to both of you as there is an actual or potential conflict of interest.