BINDING FINANCIAL AGREEMENT BEFORE MARRIAGE
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BFA BEFORE MARRIAGE
Before marriage: s 90B
A Binding Financial Agreement (BFA) before marriage, often known as a “prenup” or prenuptial agreement, is a legal document that outlines how a couple’s assets, debts, and financial matters will be handled during the marriage and in the event of a separation or divorce. In Australia, these agreements are governed under section 90B of the Family Law Act 1975.
The Family Law Act provides for Financial Agreements to be made in three situations for married couples:
A Binding Financial Agreement (BFA) before marriage, commonly known as a prenuptial agreement or prenup, is a legal document that outlines the financial arrangements and agreements between two individuals who are planning to get married. This agreement specifies how assets, liabilities, and financial resources will be divided in the event of a separation, divorce, or death. In Australia, BFAs are governed by the Family Law Act 1975.
14 PAGES LONG
- 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 90G of the Act 1975
Separation declaration pursuant to section 90D Act 1975.
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 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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