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.
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.
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