A properly prepared BFA can protect existing assets, family wealth, businesses, inheritances and future financial interests. It can also reduce the likelihood of costly disputes if the relationship breaks down.
What To Know
A Binding Financial Agreement (BFA) is a legally enforceable agreement that allows couples to decide how their property, financial resources and, in some cases, spousal maintenance will be dealt with if their relationship ends.
Binding Financial Agreements can be entered into before a relationship (commonly referred to as a pre-nuptial agreement), during a relationship or after separation. They provide certainty by allowing parties to make their own financial arrangements rather than relying on the Court to determine how assets should be divided.
To be legally binding, strict requirements under the Family Law Act must be met. Each party must receive independent legal advice about the effect of the agreement on their rights and the advantages and disadvantages of entering into it. If these requirements are not satisfied, the agreement may not be enforceable.
While a Binding Financial Agreement can provide significant certainty, it is important that it is carefully drafted to reflect both parties’ circumstances and future intentions.
How We help
Advice
Determine if a Binding Financial Agreement suitable for your situation, reviewing Agreements that have already been drafted and providing independent legal advice.
Binding Financial Agreements before, during or after a relationship/marriage
Negotiate, prepare and review Agreements that suit your family’s circumstances.
Enforcing or setting aside Agreements
Assist where the validity or enforceability of an agreement is in dispute.
Why Orion
We prepare, review and advise on Binding Financial Agreements that are tailored to your individual circumstances and comply with Australian family law requirements.
We take the time to understand your objectives before preparing an agreement that is tailored to your needs and designed to withstand future legal scrutiny. We explain complex legal concepts in straightforward language so you can make informed decisions with confidence.
Whether you are protecting assets before entering a relationship, formalising arrangements during your relationship or finalising financial matters after separation, we provide practical guidance at every stage.
