Binding Financial Agreements

If you are looking to create clarity and certainty over the long term, a BFA can be a useful tool in your legal toolkit. In the event of a relationship breakdown a BFA can provide direction for financial considerations, including property ownership, spousal maintenance, superannuation, and more.

A Binding Financial Agreement will allow you to protect your individual assets, investments, businesses, inheritances, and other financial interests. It can stipulate how these assets will be treated in case of separation or divorce.

In Australia, Binding Financial Agreements are recognised under the Family Law Act 1975 (Cth), providing a legally binding framework for couples to arrange their financial affairs. This recognition adds an extra layer of security and enforceability to the agreement.

The uncertainty of what may happen if a relationship ends can cause stress for some people, and prevent couples from confidently facing the future together. A BFA gives you the chance to talk through your concerns together, as well as each partner seeking external advice from a family lawyer. Your relationship may be stronger for having these conversations and going through the legal process.

A BFA allows couples to plan for unforeseen circumstances and establish clear guidelines for financial responsibilities. It can provide peace of mind and reduce uncertainty about financial matters in the long term.

By having a BFA in place, couples can potentially avoid lengthy and costly court proceedings related to the division of assets and financial matters. The agreement provides a legal framework for settling financial disputes outside of the court system.

Unlike court proceedings, which are generally public, a Binding Financial Agreement is a private document between the parties involved. It allows couples to keep their financial arrangements confidential and maintain their privacy.