BINDING FINANCIAL AGREEMENT
If you’re in a relationship and you’ve just purchased your first home together, or decided to get married, why not consider entering into a Binding Financial Agreement (BFA) with your partner?
A BFA is a legally binding agreement that details financial arrangements, should a de facto relationship or marriage break down.
It can be entered into either:
Before a relationship has commenced;
During a relationship; or
After a relationship has ended.
One of the major benefits of entering into a BFA is that it can significantly reduce the financial stresses commonly associated with separation. A BFA allows a couple to separate amicably, without the need for costly and time-consuming legal action.
By entering into a BFA, a couple forfeits the right to pursue family law orders via the courts. However, there are some exceptions.
The Family Law legislation sets out strict requirements that must be adhered to in ensuring the BFA is legally binding. Therefore, it is prudent that couples seek independent, sound legal advice prior to entering into a BFA.
If you’d like to know more about Binding Financial Agreements, our understanding team of Solicitors are here to assist.