What is a Binding Financial Agreement?
Like a prenup, a binding financial agreement (BFA), enables those in relationships to determine each partner’s respective entitlements with regards to property and assets accumulated before and during the partnership. In the event things don’t work out, having a BFA means there won’t be a nasty battle over who gets what because it has already been settled. You could potentially save yourself hundreds of thousands of dollars and spare yourself the angst through this one simple document.
Binding Financial Agreement FAQs
A binding financial agreement (BFA) is a written agreement between two or more people, similar to a pre-nuptial agreement, but are signed before, during or after a marriage. Under Section 90D of the Family Law Act, binding financial agreements cover the following:
- division of property, finances and debts after a marriage breakdown
- spousal maintenance
- other incidental issues.
For financial agreements to be legally binding, both parties must have signed the agreement and have received independent legal and financial advice before signing.
A BFA outlines the parties’ agreed stance on their financial arrangements and avoid the need for the parties to go to court in respect of property matters.
A financial Agreement may also include the parties’ agreement on other issues such as maintenance, claims on the other party’s estate after death and adult child maintenance.
You could save hundreds of thousands of dollars in the future with one simple document.
Be forward thinking and Download your Binding Financial Agreement today.