Binding Financial Agreements (commonly known as BFA for Family Law) is a legal agreement between the parties before, during or after the end of a relationship. It is this legal agreement that determines the financial agreement that must take place either during the duration of the relationship or after the end of the relationship. Paragraphs 90B-90KA of the Family Act 1975 deal with the financial agreements of the parties to the marriage. Sections 90 AU-90UN apply to financial agreements made by common-partner couples. The Act provides for financial arrangements between common couples only if the parties to the relationship were normally established in New South Wales, Victoria, Queensland, southern Australia, Tasmania, the Australian Capital Territory, the Northern Territory or Norfolk Island when the agreement was reached. Pre-travel must be written in such a way as to meet all the many legal requirements and in a way that means that it will be maintained in the future if it is called into question. If your partner has asked you to sign a binding financial agreement, you should consult an independent family lawyer before signing. Financial agreements are highly technical documents and can only be concluded with the participation of lawyers. As experienced family lawyers in Brisbane, we can advise you every step of the agreement process; if you are considering an agreement, your spouse must consider one, or you have an agreement and you have now broken up. You may have an informal written agreement or not on how you divide your property, but this is not recommended because it is not legally binding (enforceable) by a court. You can make a legally binding agreement by sending it through the court in approval decisions or by entering into a financial agreement according to certain rules. In the event of a breakdown of a relationship or the death of one of the parties, the agreement then allows for a harmonious and orderly distribution of the assets of both parties.
Financial agreements (sometimes called marriage contracts) are binding legal agreements on finances when marriages or de facto relationships break down. A financial agreement covers all elements of the relationship, including: We cannot provide legal advice or assistance in the development of financial agreements. You need to get private advice. Financial agreements may also reflect any spouse maintenance agreement. It is important for the spouses to be able to use these agreements to agree that neither will apply for support to the Court of Justice in the future. The agreement prevents a party who has signed an agreement from applying for spousal support in the Court of Justice. They must show the court that the agreement is fair before making approval decisions. The Family Act defines how fairness is decided.