Section s90C binding financial agreement (BFA) is a legal document under Australian family law, specifically within the context of the Family Law Act 1975. It is a type of binding financial agreement that couples can enter into before, during, or after a marriage or de facto relationship to outline how they will manage their finances and property if the relationship ends.

Here’s a quick overview of what it entails:

• Purpose: A Section 90C agreement allows parties to decide how their assets and liabilities will be divided, rather than leaving these decisions up to the court if the relationship breaks down. This can provide clarity and certainty for both parties.
• Legality: For a Section 90C agreement to be legally binding, it must meet certain requirements:
• Both parties must receive independent legal advice before signing.
• The agreement must be in writing and signed by both parties.
• The terms must be fair and just, and the agreement must not be signed under duress or coercion.
• Scope: It can cover a wide range of financial matters, including the division of property, spousal maintenance, and any other financial arrangements.
• Enforceability: If the agreement is properly executed and meets all legal requirements, it can be enforced by the courts. However, if either party believes the agreement is unfair or if circumstances have significantly changed, they might seek to have the agreement varied or set aside.
• Flexibility: Couples can modify or terminate a Section 90C agreement if both parties agree to the changes and the agreement is redrafted and signed according to legal requirements.
• Overall, a Section 90C binding financial agreement can be a useful tool for managing financial arrangements and protecting both parties’ interests.

Family Law Act