BINDING FINANCIAL AGREEMENT BEFORE DEFACTO
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BFA BEFORE DEFACTO s90UB
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
BFA BEFORE DEFACTO RELATIONSHIP
- Separate property.
- Joint property.
- During the defacto relationship.
- Separation.
- Division of property in the event of breakdown of the defacto relationship.
- Independent legal advice.
- Taxes. 6
- Claims for provision out of the estate of a deceased party.
- Notices.
- Governing law and jurisdiction.
- Further assurance.
- Execution page.
- ANNEXURE A..
- ANNEXURE B..
- ANNEXURE C..
- Statement under section 90UJ(1) of the (Binding Financial Agreement) Act 1975. 12
- Separation declaration pursuant to section 90UF Act 1975. 14
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 for relationships 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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