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BARKER EVANS

Pre-nuptial / Binding Financial Agreements

Binding Financial Agreements (BFA) are documents made between de facto or married couples to settle financial matters privately. Such financial agreements can be entered into before, during, or after a relationship and are titled accordingly, such as Pre-nuptial Agreements occurring before a marriage.

A BFA usually states how assets will be divided in the event that your relationship breaks down. They can include arrangements for spousal maintenance after a separation and how property will be divided.

Importantly, by making a BFA, the parties are excluding the Federal Circuirt and Family Court from deciding how assets and property will be divided after separation; essentially, a BFA may ‘contract out’ a couple from Court proceedings. However, this does not apply if the BFA is not ‘Binding’.

There are various requirements for BFA to be considered a Binding Financial Agreement such as either party needing to be provided with independent legal advice and the BFA must be signed by both parties and witnessed by a lawyer.

If you have any concerns relating to a Binding Financial Agreement, we can assist you with:

  • Negotiating your position in a Binding Financial Agreement
  • Negotiating your position in a Binding Financial Agreement
  • Applying to the Court to set aside a Binding Financial Agreement