Binding Financial Agreement

A Binding Financial Agreement (“BFA”) is also sometimes known as a pre-nuptial agreement. A BFA is a legally binding agreement which outlines the financial arrangements should a marriage or de-facto relationship breakdown.  A BFA can be made at any time before, during, or at the end of the relationship.  Our family lawyers can guide you with the right advice for you.
Usefulness of a binding financial agreement

A BFA made prior to a relationship may be useful if there are likely to be significant assets brought into the relationship. Parties need to be aware that statistics show that 40% to 50% of marriages end in breakdown, and the rate for de facto relationship breakdowns is even higher.

Property disputes can be extremely difficult and expensive to resolve in the breakdown of a relationship. A BFA may be a means of avoiding significant legal costs associated with the breakdown of relationships.

A BFA may be useful:

  • to protect assets and likely inheritances being brought into a relationship;
  • to ensure that children from a previous relationship inherits money;
  • to protect family farms or other businesses;
  • to protect the earnings of a higher income party in the relationship; and
  • to avoid disputes and costs related to disputes about financial matters at the end of a relationship.

If you would like to know more information, please contact our Family Law team today. For more
information regarding Binding Financial Agreements, read here.

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