Need Help with Binding Financial Agreements?
Binding Financial Agreements are increasingly used to protect assets. At Arbon Legal Group we can help!
Binding Financial Agreements
A Binding Financial Agreement or BFA is also known as a pre-nup if it is made before or during a relationship. A BFA can also be made after you separate, finalising your property settlement on a final basis.
A Binding Financial Agreement or BFA is a contractual agreement on the division of property, money and assets, if the relationship ends. They can be disputed or changed in the future.
A BFA can also be referred to as a:
- Financial Agreement
- Pre-nupital Agreement or Pre-nup
- Relationship Agreement
- Cohabitation Agreement
- Separation Agreement
- Divorce Agreement
What are the rules?
- They can be made before, during or after the relationship.
- The agreement will refer to specific clauses and sections of the Family Law Act to suit your circumstances i.e. before, during, after, married, not married etc.
- Each of you must obtain independent legal advice on the terms of the agreement and your solicitor must explain to you the ramifications or consequences of the agreement before signing off.
- Cheaper and sometimes faster than Court proceedings if the parties agree quickly.
- It is a method of avoiding expensive court proceedings and delay.
- They can be changed/amended to suit your circumstances if both parties agree.
- The agreement does not necessarily need to reflect what a Court would Order, i.e. it can articulate an agreement that would otherwise not be available to the parties if they proceeded through the Court system.
- They can only deal with property, not children.
- They can be challenged or disputed later if they are not drafted or executed properly.
For over 30 years, Arbon Legal Group have been providing comprehensive legal help to the people of the Gold Coast community. If you require further information or legal assistance in relation to a Binding Financial Agreement, please contact Arbon Legal Group on 07 5562 0444 or email firstname.lastname@example.org.
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