A Binding Financial Agreement (BFA) can be a way to protect assets and resources in the event that a relationship breaks down.
BFAs can be used by both married as well as defacto couples. It is essentially a binding contract between two individuals that sets out how property will be divided if the couple’s relationship comes to a close. BFAs allow the couple to make decisions on their property that will differ from the Family Law Court’s normal approach. BFAs can also cover issues of spousal maintenance and issues concerning children.
BFAs are commonly known as pre-nuptial agreements, post-nuptial agreements, cohabitation agreements, separation agreements or divorce agreements.
The Family Law Act 1975 (Cth) allows for parties to enter into Binding Financial Agreements (BFAs) as a way of managing their finances during their relationship. And to use it to manage disputes if the relationship ends.
BFAs are often challenged. For them to be legally binding, they need to comply with the regulations defined in the Family Law Act. This includes both parties having entered the agreement whilst being fully informed, and of their free will.
A BFA should address all asset classes – real estate, shares, stocks, investments, vehicles, inheritances, property or corporate assets owed through companies or trusts. You cannot draft your own BFA. The use of a lawyer is a requirement to make the document binding. It needs to be a comprehensive document that covers as many different situations as can be planned for.
If your relationship breaks down and there is no BFA in place, then you will need to negotiate a property settlement with your ex-partner. This will be presented to the Family Court for them to make a final determination on.
A Binding Financial Agreement (BFA) is a legally binding contract that details the financial arrangements between parties in the event of a relationship breakdown. It is commonly utilized to formalize property settlements following a separation or divorce.
Yes, a Binding Financial Agreement can be challenged and potentially overturned by a court, but only under specific circumstances. Grounds for challenging a BFA include fraud, duress, unconscionable conduct, or significant changes in circumstances.
If a Binding Financial Agreement is breached, the party harmed by the breach can seek legal remedies through the court system. These remedies may include seeking compensation or enforcement of the agreement's terms through specific court orders.
Both Consent Orders and BFAs serve as legal instruments to establish a structured approach for dividing assets, finances, and property at the end of a relationship. The alternative is bringing the unresolved issues before the court, where a judge will make decisions and issue court orders.
No, you do not need to visit our office in person. We are fully equipped to conduct meetings with you through various digital platforms such as phone, WhatsApp, Zoom, or Google Meet for your convenience.
Communication is a fundamental value at Movement Legal. We will keep you informed as your case progresses through different stages and will promptly respond to any emails or calls you send to us.
Starting the BFA process is straightforward. Reach out to us through our contact form or by giving us a call. Our team is approachable and responsive, and we commit to replying within one hour during business hours. We'll then schedule a brief 5 to 20-minute discussion to gain a basic understanding of your situation, goals, and how we can assist you. If we determine that we can help, we'll arrange an initial consultation and guide you through the process and expectations to achieve the best possible outcome.
Our lawyers are family law specialists, and deal with these and related legal issues daily.
We can help you with any aspect of family law - including advice around divorce and separation, child custody, property and financial arrangements, financial agreements, and more.
We will come back to you promptly with clear directions as to how we can help you and your matter. We prioritise communication with our clients to bring maximum efficiency into play.
We provide our clients with certainty and transparency on our legal fees. Wherever we can, we will quote you a fixed fee, rather than charging you by the hour.