Imagine being able to enter into an agreement allowing you to ignore speed limits or tax!
Mr W had contributed $236,000 to the purchase of the property. Mrs W had contributed $2,000 to the purchase. They agreed in their Contracting Out Agreement that the property would be held on an 80/20 basis.
By the time that they separated, the value of the property had increased substantially. Mr W's 80% share of the net sale proceeds was $1,521,321 and Mrs W's 20% share was $380,330.
Mrs W applied successfully to the Family Court to have the Contracting Out Agreement overturned claiming that giving effect to the agreement would result in a serious injustice.
On appeal, the High Court reinstated the agreement. The High Court said that mere inequality of a financial outcome would not be sufficient to amount to a serious injustice. The High Court went on to say that to not uphold the agreement would remove any certainty of outcome from those seeking to contract out of the Act as they are entitled to do.
The decision seems to add support to the parties right to govern their own affairs.
If you want to govern your own affairs please contact Scott Young email@example.com or phone 03-4500000