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Binding Financial Agreements

Binding Financial Agreements also known as pre-nuptial agreements can be used for married couples or de facto relationships. They are agreements for property settlement after separation or in anticipation of separation.

There are three stages where a BFA can be used:

  1. Before a marriage or a de facto relationship: this type of agreement is a pre-nuptial agreement. It is used to protect assets in case of separation and is most useful in blended families to ensure that assets that would otherwise pass to children are not divided as part of property settlement in the event of separation.
  2. During the marriage or a de facto relationship: this agreement can also be used like a pre-nuptial agreement after parties have started living together.
  3. After divorce or the breakdown of a de facto relationship: Binding Financial Agreements can be used after the relationship to finalise property settlement between the parties.

A binding financial agreement can also include provisions for spousal maintenance.

Binding Financial Agreements have strict requirements that must be adhered to including that both parties obtain independent legal advice and lawyers have to be very careful when preparing Binding Financial Agreements to ensure that they comply with the rules set out in the Family Law Act 1975.

Contact us today to discuss Binding Financial Agreements and how this document could be altered to suit you and your family.

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