Binding Financial Agreement end DeFacto
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At a Glance
Ending a de facto relationship can be complex, particularly when financial matters are involved. A Binding Financial Agreement (BFA) to End a De Facto Relationship provides legal certainty by outlining asset division, financial obligations, and post-separation arrangements. This legally binding agreement ensures legal practitioners, couples, and financial advisors have a clear framework for financial separation, helping to prevent disputes and ensure a fair resolution for both parties.
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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