If you are:
you can enter into a Financial Agreement (also known as a Binding Financial Agreement or BFA) to define how, in the event of separation, you will divide your assets and to define your respective obligations to support one another. That can include quarantining assets from claim from each other and ending spousal maintenance entitlements.
BFA’s can also be used, after separation or after divorce to finalise your agreed property settlement and your obligations to support one another.
By making a Financial Agreement the parties contract out of the right that they would otherwise have to ask the Family Court or Federal Circuit Court to make orders about the division of their property or financial support after they separate.
BFA’s have strict defined requirements and will be binding only if:
Financial Agreements although binding on the parties do not come into effect until:
There is no substitute for specialised family law advice so if you have questions about Financial Agreements or want to know your legal position please feel free to book a confidential appointment. We can assist you at all stages of the process, regardless of the path taken. Our lawyers provide advice based on the relevant facts and the individual needs of each client. No two cases or outcomes will be the same.
For answers to frequently asked questions about Financial Agreements please go to our FAQ page.