Binding Financial Agreement Before a De Facto Relationship

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At a Glance

Entering a de facto relationship involves financial commitments and shared responsibilities. A Binding Financial Agreement (BFA) Before a De Facto Relationship allows couples to establish financial clarity and security by outlining asset ownership, contributions, and financial obligations before the relationship formally begins. This legally binding agreement helps couples, legal practitioners, and financial advisors ensure compliance with the Family Law Act 1975, reducing future disputes and protecting individual interests.

 

A Binding Financial Agreement – before defacto is a financial agreement for parties who intend to move in together but have not done so yet.

A Binding Financial Agreement (BFA) before a de facto relationship is a legal document created under Australian law that outlines how assets, liabilities, and financial resources will be divided in the event of a relationship breakdown. These agreements are designed to provide clarity and certainty for both parties regarding their financial arrangements and to prevent disputes in the future.

Why a Binding Financial Agreement is Essential in a De Facto Relationship

In Australia, de facto relationships—where couples live together as a couple but aren’t married—have gained recognition under family law. This means that, similar to married couples, de facto partners may face legal proceedings if their relationship ends. A Binding Financial Agreement (BFA) is a practical and powerful tool for those in de facto relationships, offering clarity, financial security, and peace of mind. Here’s why a BFA could be one of the best decisions you make for your relationship

INCLUDES

  • Table of Contents – A structured outline of the agreement for easy navigation.
  • Separate Property – Defines assets owned individually before and during the de facto relationship.
  • Joint Property – Outlines assets acquired together and their management.
  • During the De Facto Relationship – Establishes financial obligations and responsibilities.
  • Separation – Covers procedures and conditions in case of a relationship breakdown.
  • Division of Property – Specifies how assets and liabilities will be divided post-separation.
  • Independent Legal Advice – Ensures both parties receive separate legal counsel before signing.
  • Tax Considerations – Details tax implications related to 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 the applicable legal framework governing the agreement.
  • Further Assurance – Ensures both parties take necessary steps to uphold the agreement.
  • Execution Page – Contains designated spaces for official signatures and legal acknowledgment.
  • Annexure A – Assets and Liabilities – Supplementary documentation detailing financial disclosures.
  • Annexure B – Additional supporting documentation as required.
  • Annexure C – Further relevant annexures related to the agreement.
  • 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.

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