BINDING FINANCIAL AGREEMENT DIVORCED

Crafted by legal professionals in Australia, our documents are not only legally sound but also easily customisable to suit your specific requirements. With each purchase, receive a free legal drafting booklet to guide you through the editing process seamlessly.

Online Advertising Agreement

What is included

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.

This Binding Financial Agreement Divorced 90D Includes:-

Table of contents

  1. Assets and liabilities.
  2. Payment
  3. Transfer of real property.
  4. Sale of real property.
  5. Moveable possessions.
  6. Superannuation.
  7. General provisions.
  8. Maintenance [Delete if not applicable]
  9. Independent legal advice.
  10. Taxes.
  11. Claims for provision out of the estate of a deceased party.
  12. Notices.
  13. Governing law and jurisdiction. 9
  14. Further assurance.

Execution page.

ANNEXURE A – Assets and liabilities.

 After divorce: s 90D

Agreement for parties who are divorced .

14 pages long & includes gst.

 

 

 

 

Comprehensive Coverage

Ensuring you have everything you need in one place.

Free With Every Purchase

Our legal drafting booklet to guide you through the necessary steps in editing your documents.

Easy Customisation

Each document is designed to be easily editable, allowing you to tailor the agreements to your specific needs without hassle.

Legally Sound

All our documents are crafted by legal professionals and adhere to Australian legal standards, giving you confidence in their validity.

Suitability

Australia

Preview Sample

 

 

BFA DIVORCED
What is it?

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 finalized. 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.

Key Elements

Key Features of a Binding Financial Agreement for Divorce

  1. Legal Framework:

    • Governed by the Family Law Act 1975 in Australia.
    • Must comply with specific legal requirements to be binding and enforceable.
  2. Content of the Agreement:

    • Division of Assets and Liabilities: Specifies how property, assets, and liabilities will be divided.
    • 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 marriage will be handled.
    • Child Support: Although primarily handled separately, some BFAs might outline arrangements related to child support or living arrangements for children.
  3. Legal Advice:

    • Both parties must receive independent legal advice before signing the agreement.
    • Ensures each party understands the implications of the agreement and that their consent is informed and voluntary.
  4. 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.
  5. Formal Requirements:

    • Must be in writing and signed by both parties.
    • Should comply with any other formal requirements outlined in the Family Law Act.

Benefits of a Binding Financial Agreement for Divorce

  1. Certainty and Finality:

    • Provides clear guidelines for the division of assets and financial arrangements, reducing uncertainty and potential disputes.
  2. Protection of Assets:

    • Allows individuals to protect their assets and ensure a fair distribution.
  3. Flexibility:

    • Can be tailored to suit the specific needs and circumstances of the couple.
  4. Reduction of Stress and Conflict:

    • Helps minimize conflict and stress by having financial matters agreed upon outside of court.
  5. Time and Cost Efficiency:

    • Can be more time-efficient and cost-effective than court proceedings.

Potential Issues and Considerations

  1. Changing Circumstances:

    • The agreement may need to be reviewed and updated if there are significant changes in circumstances.
  2. Fairness and Enforceability:

    • Courts can set aside a BFA if it is deemed unfair, fraudulent, or if it was signed under duress. Therefore, it is crucial that the agreement is fair and equitable.
  3. Independent Legal Advice:

    • Both parties must have independent legal advice for the agreement to be enforceable, which can add to the initial cost of creating the agreement.

Steps to Create a Binding Financial Agreement for Divorce

  1. Discuss and Negotiate Terms:

    • The couple discusses and negotiates the terms of the agreement.
  2. Draft the Agreement:

    • A lawyer drafts the BFA, ensuring it meets legal requirements.
  3. Independent Legal Advice:

    • Each party seeks independent legal advice to understand the implications of the agreement.
  4. Sign and Certify:

    • Both parties sign the agreement, and their lawyers provide certification of the independent legal advice.
  5. Review and Update:

    • The agreement should be reviewed periodically and updated as necessary to reflect any changes in circumstances.

Creating a Binding Financial Agreement during a divorce can provide significant benefits by establishing clear financial arrangements and protecting the interests of both parties.

About us

Established since 2015, Precedents Online leads the industry with a diverse collection of over 300 legal templates. Our legal documents, meticulously crafted by practicing Solicitors and renowned legal authors, provide you with the precise solutions you seek. Step into a world where legal paperwork is made easy .

 
Eric Kalde is the author of over 300 +  practice guides published through the leading Australian legal publishers Precedents Online.
 
Lawyers all over Australia rely on Eric Kalde’s precedents and practice guides in their legal practice.
Free Legal Drafting Handbook

Precedents Online, helping you draft like a pro! Receive a free handbook with any purchase of our customisable legal document templates.  Start drafting with confidence using our expertly crafted precedents with our bonus guidebook.

Choose Your Template