In Australia, a couple (whether married or de facto) can legally enter into a Binding Financial Agreement (“BFA”) that sets out how all or any of their property and/or financial resources can be dealt with and divided in the event of a future separation.
The Family Law Act 1975 (“the Act”) allows the parties to enter into a BFA:
1) both before (commonly known as a “prenuptial agreement” or “prenups”); and after marriage; or
2) if you are in a de facto relationship, both before and during a de facto relationship.
A BFA is most useful for:
1) protecting ownership and retention of other assets that a party may bring into a relationship; and
2) inheritances or gifts that are received by a party during the relationship can be quarantined and retained absolutely by that party in the event of a future separation.
It is important to note that a BFA is of no legal force and effect unless they are binding and drafted in accordance with the formal and procedural requirements under the Act.
Contact our Binding Financial Agreement Lawyers today
Our Brisbane Binding Financial Agreement Lawyers can prepare and draft a BFA relevant to the circumstances of your case. We will ensure that the BFA is drafted to comply with all of the strict legislative requirements contained in the Act.
Our Binding Financial Agreement Lawyers also provide certificates of independent advice on BFAs prepared by other lawyers.
Please call one of our Business Development Officers today to make an appointment if you wish to organise a BFA and/or have any further queries on (07) 3252 0011.