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Binding financial & pre-nuptial agreements
Binding Financial Agreements are fully enforceable in the Family Court of Australia, and are designed to help people decide now how they will deal with financial matters in the event of a separation at some time in the future so that they don’t end up in court. Contact us if you have any further questions about how this may help you.
You, or you and your partner, may consider a Binding Financial Agreement (BFA) a useful and welcomed legal document if one or both of you:
- brings significant assets to a marriage
- has had a previous unsuccessful relationship which resulted in a financial or property dispute ending up in court
- simply wants to make sure that you avoid court proceedings over the division of assets if the relationship does not work out
Binding financial agreements are called different names depending on your current status:
- Pre-nuptial agreements made between people who are living together and who intend to get married.
- Post-nuptial agreements can be made after two people have been married.
- Binding financial agreements can even be made after you’re divorced as a way of dividing up assets without going to court.
To be fully enforceable, the Family Law Act 1975 (as amended) requires that both parties to the agreement:
- obtain independent legal advice and a complying solicitor’s certificate to that effect, and
- fully disclose all significant assets and liabilities.