BINDING FINANCIAL AGREEMENT END DEFACTO
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BFA END DEFACTO
A Binding Financial Agreement (BFA) at the end of a de facto relationship is a legal document that outlines how the assets, liabilities, and financial resources of the parties will be divided after the relationship has ended. These agreements are designed to provide clarity and finality to financial matters, avoiding the need for court intervention.
A Binding Financial Agreement end DeFacto (pre-nup) template for after the end of a defacto relationship:s 90UD
The Family Law Act 1975 sets out the general principles the court considers when deciding financial disputes after the breakdown of a defacto relationship (see Sections 90SM(4) and 90SF(3)).
BFA END DEFACTO RELATIONSHIP
The general principles are the same, regardless of whether the parties were in a marriage or a defacto relationship, and are based on:
- working out what you’ve got and what you owe, that is your assets and debts and what they are worth
- looking at the direct financial contributions by each party to the marriage or defacto relationship such as wage and salary earnings
- looking at indirect financial contributions by each party such as gifts and inheritances from families
- looking at the non-financial contributions to the marriage or defacto relationship such as caring for children and homemaking, and
- future requirements – a court will take into account things like age, health, financial resources, care of children and ability to earn.
Includes
- Assets and liabilities.
- Payment
- Transfer of real property.
- Sale of real property.
- Moveable possessions.
- Superannuation.
- General provisions.
- Maintenance [delete if not applicable
- 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 – Assets and liabilities.
- Statement under section 90UJ(1) of the Family Law Act 1975. 11
- Separation declaration pursuant to section 90UF Family Law Act 1975. 13
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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