BINDING FINANCIAL AGREEMENT DEFACTO
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BFA DEFACTO RELATIONSHIP 90UC
Defacto 90UC
A Binding Financial Agreement Defacto (sometimes known as a “pr=e-nup”) is a private agreement that couples are able to enter into to deal with financial and property matters.
The Family Law Act 1975 provides for parties to a marriage or defacto relationship to enter into a binding legal agreement about the financial arrangements should their marriage or defacto relationship break down. … You can make a financial agreement before, during or after a marriage or defacto relationship. the event of a relationship breakdown.
A Binding Financial Agreement (BFA) in the context of a de facto relationship is a legal document that outlines the financial arrangements between two people who are or were in a de facto relationship. A de facto relationship is one where two people live together on a genuine domestic basis, but are not legally married to each other. BFAs can be made before, during, or after a de facto relationship and are governed by the Family Law Act 1975 in Australia
BFA DEFACTO RELATIONSHIP
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Table of contents
- 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.
- 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..
A Binding Financial Agreement-defacto is for parties who are already in a defacto relationship.
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 de facto 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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