A Binding Financial Agreement (BFA) is a document that deals with property and spousal maintenance between two parties. The Family Law Act 1975 provides for parties to a marriage or de facto relationship to enter into a binding legal agreement about the financial arrangements should their marriage or de facto relationship break down. A BFA is not required to be fair, unlike property settlement consent orders which are required to be just and equitable.
You can make a financial agreement before, during or after a marriage or de facto relationship. These agreements can cover:
For a financial agreement to be legally binding, you must both have:
Drafting BFA’s is a detailed process. In order to adequately make provision for what the parties want, and in order to make any potential challenge unlikely to succeed, the parties ought to make a full and frank disclosure of their financial circumstances before entering into the financial agreement.
I can provide advice regarding on your property rights at the beginning and end of a relationship, how to protect your contributions and whether a financial agreement would work for you. I can also advise on the process for dividing properties after a divorce or break-up of a de facto relationship, the probable outcome of any court proceedings, and the most cost-effective way of making sure you receive your fair share.