Protect Your Assets with a Binding Financial Agreement for Married but Separated Couples
A Binding Financial Agreement for Married but Separated Couples (also known as a separation agreement) is essential for couples who wish to define their financial arrangements during marriage. Unlike general contracts, BFAs are legally enforceable documents that protect individual assets and outline financial responsibilities in the event of separation.
Why Legal Practitioners, Couples, and Financial Advisors Need a Binding Financial Agreement for Married but Separated Couples
With our professionally drafted Binding Financial Agreement for Married but Separated Couples, legal practitioners can confidently assist their clients, while couples can:
- Ensure compliance with the Family Law Act 1975 and legal requirements for BFAs
- Clearly define asset ownership and financial contributions before marriage
- Establish financial obligations, including property, debt management, and spousal support
- Minimise disputes over property division in case of separation
- Provide financial security and peace of mind for both parties
A Binding Financial Agreement (BFA) is a legally enforceable document that requires careful drafting to ensure compliance with Australian family law. To be legally binding, both parties must receive independent legal advice from a solicitor before signing, as required by the Family Law Act 1975 (Cth).
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What’s included in your BFA for Married but Separated.
A Binding Financial Agreement (BFA) under section 90C of the Family Law Act 1975 is designed for couples who are currently married. It serves to outline financial arrangements in case the marriage ends in the future.
A Binding Financial Agreement is intended to avoid the need for Court proceedings. It is a versatile document as it can be entered into before or during marriage, after separation or after divorce in order to record an agreement as to the division of assets between the parties.
A Binding Financial Agreement (BFA) in the context of a separation is a legal document that outlines the financial arrangements between two individuals who are separating but not yet divorced. This agreement specifies how assets, liabilities, and financial resources will be divided during the period of separation and potentially after the divorce is finalized. BFAs are governed by the Family Law Act 1975 in Australia and are designed to provide clarity, certainty, and finality to financial matters, avoiding the need for court intervention.
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Assets and Liabilities – Full disclosure of owned and shared assets, debts, and financial responsibilities.
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Payment Obligations – Specifies financial contributions and any agreed payments between parties.
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Transfer of Real Property – Details conditions for property transfers between spouses.
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Sale of Real Property – Outlines the process for selling jointly owned properties.
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Moveable Possessions – Covers division of personal assets, including vehicles, jewelry, and household items.
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Superannuation – Defines how retirement funds and superannuation entitlements are treated.
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General Provisions – Includes overarching terms governing the agreement.
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Post-Separation Support & Maintenance – Determines ongoing financial support (if applicable).
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Independent Legal Advice – Ensures both parties obtain separate legal counsel before signing.
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Tax Considerations – Details any tax obligations arising from asset division.
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Claims Against Estate – Addresses provisions for claims made against a deceased party’s estate.
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Notices – Defines communication procedures between parties regarding the agreement.
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Governing Law & Jurisdiction – Specifies applicable legal frameworks governing the agreement.
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Further Assurance – Ensures both parties fulfill the agreed terms and obligations.
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Execution Page – Contains designated spaces for official signatures and legal acknowledgment.
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Annexure A – Assets and Liabilities – Supplementary documentation detailing financial disclosures.
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Statement Under Section 90G of the Family Law Act 1975 – Confirms compliance with legal requirements.
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Separation Declaration Pursuant to Section 90DA of the Family Law Act 1975 – Required declaration upon separation. Statement Under Section 90G of the Family Law Act 1975 – Confirms compliance with legal requirements.
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Separation Declaration Pursuant to Section 90DA of the Family Law Act 1975 – Required declaration upon separation.
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