BINDING FINANCIAL AGREEMENT END DEFACTO

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What is included

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)).

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.

The way your assets and debts will be shared between you will depend on the individual circumstances of your family. Your settlement will probably be different from others you may have heard about.

Table of contents for Binding Financial Agreement End DeFacto

  1. Assets and liabilities.
  2. Payment
  3. Transfer of real property.
  4. Sale of real property.
  5. Moveable possessions.
  6. Superannuation.
  7. General provisions.
  8. Maintenance [delete if not applicable
  9. Independent legal advice.
  10. Taxes.
  11. Claims for provision out of the estate of a deceased party.
  12. Notices.
  13. Governing law and jurisdiction.
  14. 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

Binding Financial Agreement Template for parties who have ended a defacto relationship.

14 pages long and includes gst.

 

 

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BFA END DEFACTO RELATIONSHIP
What is it?

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.

Key Elements

Key Features of a Binding Financial Agreement

  1. Legal Framework:

    • Governed by the Family Law Act 1975 in Australia.
    • Must comply with specific legal requirements to be binding and enforceable.
  2. Content of the Agreement:

    • Division of Assets and Liabilities: Specifies how property, assets, and liabilities will be divided.
    • 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.
  3. Legal Advice:

    • Both parties must receive independent legal advice before signing the agreement.
    • Ensures each party understands the implications of the agreement and that their consent is informed and voluntary.
  4. 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.
  5. Formal Requirements:

    • Must be in writing and signed by both parties.
    • Should comply with any other formal requirements outlined in the Family Law Act.

Benefits of a Binding Financial Agreement

  1. Certainty and Finality:

    • Provides clear guidelines for the division of assets and financial arrangements, reducing uncertainty and potential disputes.
    • Ensures that financial matters are settled without the need for court intervention.
  2. Protection of Assets:

    • Allows individuals to protect their assets, including those acquired before the relationship.
  3. Flexibility:

    • Can be tailored to suit the specific needs and circumstances of the couple.
  4. Reduction of Stress and Conflict:

    • Helps minimize conflict and stress after the relationship ends, as financial matters are already agreed upon.

Potential Issues and Considerations

  1. Changing Circumstances:

    • The agreement may need to be reviewed and updated if there are significant changes in circumstances.
  2. Fairness and Enforceability:

    • Courts can set aside a BFA if it is deemed unfair, fraudulent, or if it was signed under duress. Therefore, it is crucial that the agreement is fair and equitable.
  3. Independent Legal Advice:

    • Both parties must have independent legal advice for the agreement to be enforceable, which can add to the initial cost of creating the agreement.

Steps to Create a Binding Financial Agreement

  1. Discuss and Negotiate Terms:

    • The parties discuss and negotiate the terms of the agreement.
  2. Draft the Agreement:

    • A lawyer drafts the BFA, ensuring it meets legal requirements.
  3. Independent Legal Advice:

    • Each party seeks independent legal advice to understand the implications of the agreement.
  4. Sign and Certify:

    • Both parties sign the agreement, and their lawyers provide certification of the independent legal advice.
  5. Review and Update:

    • The agreement should be reviewed periodically and updated as necessary to reflect any changes in circumstances.

Creating a Binding Financial Agreement at the end of a de facto relationship can provide significant benefits by establishing clear financial arrangements and protecting the interests of both parties.

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