Binding Financial Agreements (BFAs) are legal agreements made between parties who are in or about to enter a marriage or de facto relationship. These agreements set out how property and financial resources will be divided between the parties in the event of a separation or divorce. BFAs are often used as a way to protect assets, such as property or businesses, and to provide certainty and security for parties in a relationship.
They can also be used to deal with other financial matters, such as the payment of spousal maintenance. To be legally binding, BFAs must meet strict legal requirements, including the agreement being made in writing and signed by both parties, and each party receiving independent legal advice before signing the agreement.
The agreement must also be fair and reasonable at the time it is made, and both parties must understand the legal consequences of signing the agreement. BFAs can be made before, during, or after a marriage or de facto relationship. They can also be used to vary or terminate an existing agreement. However, it’s important to note that BFAs may not be appropriate for every couple, and seeking legal advice is essential to ensure that any agreement is fair, legally binding and enforceable.
We provide specialist advice on Binding Financial Agreements, helping couples protect their financial interests, create certainty and establish clear arrangements for their future.
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