BINDING FINANCIAL AGREEMENT DIVORCED
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BFA DIVORCED s90D
BFA 90D
An Agreement after Divorce is intended to avoid the need for Court proceedings. It is a versatile document as it can be entered into after divorce in order to record an agreement as to the division of assets between the parties.
A Binding Financial Agreement (BFA) in the context of a divorce is a legal document that outlines the financial arrangements between two individuals who are divorcing.
This agreement specifies how assets, liabilities, and financial resources will be divided after the divorce is finalised. BFAs are governed by the Family Law Act 1975 in Australia and are designed to provide clarity, certainty, and finality to financial matters, avoiding the need for court intervention.
BFA DIVORCED IS 14 PAGES LONG
- Separate property.
- Assets and liabilities.
- Payment
- Transfer of real property.
- Sale of real property.
- Moveable possessions.
- Superannuation.
- General provisions.
- Maintenance [Delete if not applicable]
- Independent legal advice.
- Taxes.
- Claims for provision out of the estate of a deceased party.
- Notices.
- Governing law and jurisdiction. 9
- Further assurance.
Key Features of a Binding Financial Agreement
Timing: A BFA can be made before, during, or after a de facto relationship. When made before the relationship, it is often referred to as a “prenup” or “pre-cohabitation agreement.”
Legal Framework: In Australia, BFAs are governed by the Family Law Act 1975. The agreement must comply with specific legal requirements to be binding and enforceable.
Content of the Agreement:
Division of Assets and Liabilities: Specifies how property, assets, and liabilities will be divided if the relationship ends.
Spousal Maintenance: Addresses any spousal maintenance arrangements, including whether one party will provide financial support to the other and under what conditions.
Financial Resources: Details any other financial resources or entitlements, such as superannuation, and how they will be treated.
Debt Responsibility: Clarifies how debts incurred before or during the relationship will be handled.
Legal Advice: Both parties must receive independent legal advice before signing the agreement. This ensures that each party understands the implications of the agreement and that their consent is informed and voluntary.
Certification: The agreement must include a statement from each party’s lawyer confirming that they have provided independent legal advice regarding the advantages and disadvantages of the agreement.
Formal Requirements: The BFA must be in writing and signed by both parties. It should also comply with any other formal requirements outlined in the Family Law Act.
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