BFA DIVORCE
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At a Glance
Going through a divorce can be emotionally and financially challenging. A Binding Financial Agreement (BFA) for Divorce helps couples reach a legally binding agreement regarding the division of assets, liabilities, and financial responsibilities, ensuring a smooth and clear separation. This document is crucial for legal practitioners, couples, and financial advisors who need to establish financial security, prevent disputes, and outline clear post-divorce financial arrangements.
Divorce involves complex financial considerations, making it essential to have a clear and legally binding agreement. A Binding Financial Agreement (BFA) for Divorce provides legal certainty by outlining asset division, financial obligations, and post-separation arrangements. This legally binding agreement ensures legal practitioners, couples, and financial advisors have a clear framework for financial separation, helping to prevent disputes and ensure a fair resolution for both parties
INCLUDES
A Binding Financial Agreement for Divorce is for couples who are legally ending their marriage and wish to establish financial security and legal clarity regarding the division of assets, liabilities, and ongoing financial responsibilities.
- Assets and Liabilities – Full disclosure of owned and shared assets, debts, and financial responsibilities.
- Payment Obligations – Specifies financial contributions and any agreed payments between parties.
- Transfer of Real Property – Details conditions for property transfers between spouses.
- Sale of Real Property – Outlines the process for selling jointly owned properties.
- Moveable Possessions – Covers division of personal assets, including vehicles, jewelry, and household items.
- Superannuation – Defines how retirement funds and superannuation entitlements are treated.
- General Provisions – Includes overarching terms governing the agreement.
- Post-Separation Support & Maintenance – Determines ongoing financial support (if applicable).
- Independent Legal Advice – Ensures both parties obtain separate legal counsel before signing.
- Tax Considerations – Details any tax obligations arising from asset division.
- Claims Against Estate – Addresses provisions for claims made against a deceased party’s estate.
- Notices – Defines communication procedures between parties regarding the agreement.
- Governing Law & Jurisdiction – Specifies applicable legal frameworks governing the agreement.
- Further Assurance – Ensures both parties fulfill the agreed terms and obligations.
- Execution Page – Contains designated spaces for official signatures and legal acknowledgment.
- Annexure A – Assets and Liabilities – Supplementary documentation detailing financial disclosures.
- Statement Under Section 90G of the Family Law Act 1975 – Confirms compliance with legal requirements.
- Separation Declaration Pursuant to Section 90DA of the Family Law Act 1975 – Required declaration upon separation. Statement Under Section 90G of the Family Law Act 1975 – Confirms compliance with legal requirements.
- Separation Declaration Pursuant to Section 90DA of the Family Law Act 1975 – Required declaration upon separation.
A Binding Financial Agreement (BFA) is a legally enforceable document that requires careful drafting to ensure compliance with Australian family law. To be legally binding, both parties must receive independent legal advice from a solicitor before signing, as required by the Family Law Act 1975 (Cth).
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