BFA Before Defacto

Before Defacto

A Binding Financial Agreement before a defacto relationship:s 90UB A Binding Financial Agreement-before defacto is a financial agreement for parties who intend to move in together but have not done so yet.

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BFA Defacto

DeFacto

A Binding Financial Agreement Defacto  (sometimes known as a “pr=e-nup”) is a private agreement that couples are able to enter into to deal with financial and property matters.

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BFA Defacto

End Defacto

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.

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BFA Before Marriage

Before Marriage

The Family Law Act provides for Financial Agreements to be made  in three situations for married couples:

Before marriage: s 90B

Before marriage agreement which is sometimes known as a prenuptial agreement, sets out the way some or all of a couple’s assets will be divided in the event that their relationship breaks down. It can also deal with spousal maintenance.

An Agreement before marriage s 90B is for parties who intend to get married but are not married yet.

BFA Married

Married

A Binding Financial Agreement for Married Couples.

Married s 90C

Binding Financial Agreement Married  s a  contract between two people, including same-sex partners that formalises how a couple’s property, assets, superannuation and liabilities will be divided in the event of a breakdown of a marriage.

BFA Divorced

Divorced

An Agreement after Divorce is intended to avoid the need for Court proceedings. It is a versatile document as it can be entered into after divorce in order to record an agreement as to the division of assets between the parties.

BFA Separated

Separated

 

A  Separation 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. 

 

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Binding Financial Agreement DeFacto

DeFacto Agreement

A Binding Financial Agreement Defacto  (sometimes known as a “pr=e-nup”) is a private agreement that couples are able to enter into to deal with financial and property matters.

The Family Law Act 1975 provides for parties to a marriage or defacto relationship to enter into a binding legal agreement about the financial arrangements should their marriage or defacto relationship break down. … You can make a financial agreement before, during or after a marriage or defacto relationship. the event of a relationship breakdown.

Table of contents

  1. Separate property.
  2. Joint property.
  3. During the defacto relationship.
  4. Separation.
  5. Division of property in the event of breakdown of the defacto relationship.
  6. Independent legal advice.
  7. Taxes.
  8. Claims for provision out of the estate of a deceased party.
  9. Notices.
  10. Governing law and jurisdiction.
  11. Further assurance.

Execution page.

ANNEXURE A..

ANNEXURE B..

ANNEXURE C..

A Binding Financial Agreement-defacto is for parties who are already in a defacto relationship.

14 pages long.

Binding Financial Agreement end DeFacto

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.

 

Binding Financial Agreement Before Marriage

The Family Law Act provides for Financial Agreements to be made  in three situations for married couples:

Before marriage: s 90B

Before marriage agreement which is sometimes known as a prenuptial agreement, sets out the way some or all of a couple’s assets will be divided in the event that their relationship breaks down. It can also deal with spousal maintenance.

An Agreement before marriage s 90B is for parties who intend to get married but are not married yet.

Table of contents

  1. Separate property.
  2. Joint property.
  3. During marriage.
  4. Separation.
  5. Division of property after marriage.
  6. Independent legal advice.
  7. Taxes.
  8. Provision from the estate of a deceased party.
  9. Notices.
  10. Governing law and jurisdiction.
  11. Further assurance.

Execution page.

ANNEXURE A..

ANNEXURE B..

ANNEXURE C..

Statement under section 90G of the Act 1975

Separation declaration pursuant to section 90D Act 1975.

14 pages long.

 

 

 

 

 

 

Binding Financial Agreement Married

A Binding Financial Agreement for Married Couples.

Married s 90C

Table of contents

  1. Separate property.
  2. Joint property.
  3. During the marriage.
  4. Separation.
  5. Division of property.
  6. Independent legal advice.
  7. Taxes.
  8. Provision out of the estate of a deceased party.
  9. Notices.
  10. Governing law and jurisdiction.
  11. Further assurance

Execution page.

ANNEXURE A..

ANNEXURE B..

ANNEXURE C..

Statement under section 90G of the  Act 1975.

Separation declaration pursuant to section 90DA  Act 1975.

Binding Financial Agreement for parties who are married.

14 pages long.

 

 

 

 

 

 

Binding Financial Agreement Divorced 90D

An Agreement after Divorce is intended to avoid the need for Court proceedings. It is a versatile document as it can be entered into after divorce in order to record an agreement as to the division of assets between the parties.

This Binding Financial Agreement Divorced 90D Includes:-

Table of contents

  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. 9
  14. Further assurance.

Execution page.

ANNEXURE A – Assets and liabilities.

 After divorce: s 90D

Agreement for parties who are divorced .

14 pages long.

 

 

 

Binding Financial Agreement Married but Separated

Married but separated: s 90C

A  Separation 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. 

Agreement for parties who are  still legally married but separated. Fully formatted in Microsoft Word, ready to download edit and use. 14 pages long.

  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 90G of the Act 1975.

Separation declaration pursuant to section 90D Act 1975.

 

 

 

 

 

 

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Binding Financial Agreements

There are many names for Binding Financial Agreements, including;

  • Pre-nuptial Agreements (commonly known as pre-nups),
  • Post-nuptial Agreements (post-nups); and
  • Cohabitation Agreements.

They are known by the courts as Binding Financial Agreements (BFA)

A BFA provides an agreement in advance for a division of assets if the relationship or marriage breaks down.

Virtually everyone at some stage in their lives will be in a relationship which is subject to the Family Law Act. Most defacto and same sex couples are, after 2 years, treated the same way as married couples.

Young  couples commence living together without any consideration of the legal consequences. Older couples seeking company can be deemed to be in a de Facto relationship  even if it was not their initial intention. On a separation and despite prior promises not to, a claim can be made.

Before considering solutions, an understanding of how the Court deals with those assets would be useful.

Binding Financial Agreements can be entered into before the commencement of a marriage, de facto relationships or even during or after a marriage or separation. relationship and even after separation.

BFA’s need to be set up correctly to be legally binding. To be binding, there are certain requirements that BFA’s need to meet, if these items are not met, then the agreement can be void or set aside.

It is advisable that a BFA be reviewed every 24 months or after, during any changes in relationship.

A correctly executed BFA may provide some degree of certainty to the parties and thus avoid unnecessary arguments, in the event that a relationship ends, as they have agreed in advance as to how the property will be divided.

It can also make parties feel secure knowing that the property they have accumulated before the relationship or marriage is safe. By reaching agreement in advance, the issues that occur after a break up are more likely to be carried out without costly legal expenses or court delays.

Binding Financial Agreements can provide comfort to relationships if issues arise.

 

 

 

Prenups can cut financial stress in blended families.

Prenups can cut financial stress in blended families

Second marriages have a greater failure rate than first marriages. How often are the step children blamed for scuttling the relationship? There are many issues but one of them is almost certainly financial.

In the early days of “No Fault” divorce an inheritance was given far more credit than now. Even inheritances received after separation are included in the property pool for distribution. But not dollar for for dollar. The value of the bequest diminishes over time. Pre owned assets are treated the same way. It is the dreaded “Erosion Principle”. This “throw it all in the pool concept” is becoming far more common as.the baby boomers die and leave their assets to separating children.

A Prenup can solve that problem.

The most logical and fair Prenup is where both parties have adult children to whom they want to leave their assets, not a separating step parent. To quarantine those assets you must have.a Prenup. There is no other way to oust the jurisdiction of the Family Court. Will the Prenup be binding? Done properly by an Accredited Specialist Family Lawyer, it is very likely be found binding if challenged. It is in any event much better to have one than not.

Then you can tell your children that you have not married a gold digger.

Of course, the children must have their own Prenup in place to protect their inheritance when received.

Sorry, I can’t help you deal with a 14 year old feral step daughter.

The above legal issues also apply to de Facto and Same Sex relationships. For more information and articles, see my website under the Prenups tab. For the purists – they are legally known as Binding Financial Agreements under 90B or 9UB of the Family Law Act. But everyone knows what a Prenup is.

Peter Szabo

 

What are Binding Financial Agreements? Are they worth it?

There are many names for Binding Financial Agreements, including;

  • Pre-nuptial Agreements (commonly known as pre-nups),
  • Post-nuptial Agreements (post-nups); and
  • Cohabitation Agreements.

They are known by the courts as Binding Financial Agreements (BFA)

A BFA provides an agreement in advance for a division of assets if the relationship or marriage breaks down.

Virtually everyone at some stage in their lives will be in a relationship which is subject to the Family Law Act. Most defacto and same sex couples are, after 2 years, treated the same way as married couples.

Young  couples commence living together without any consideration of the legal consequences. Older couples seeking company can be deemed to be in a de Facto relationship  even if it was not their initial intention. On a separation and despite prior promises not to, a claim can be made.

Before considering solutions, an understanding of how the Court deals with those assets would be useful.

Binding Financial Agreements can be entered into before the commencement of a marriage, de facto relationships or even during or after a marriage or separation. relationship and even after separation.

BFA’s need to be set up correctly to be legally binding. To be binding, there are certain requirements that BFA’s need to meet, if these items are not met, then the agreement can be void or set aside.

It is advisable that a BFA be reviewed every 24 months or after, during any changes in relationship.

A correctly executed BFA may provide some degree of certainty to the parties and thus avoid unnecessary arguments, in the event that a relationship ends, as they have agreed in advance as to how the property will be divided.

It can also make parties feel secure knowing that the property they have accumulated before the relationship or marriage is safe. By reaching agreement in advance, the issues that occur after a break up are more likely to be carried out without costly legal expenses or court delays.

Binding Financial Agreements can provide comfort to relationships if issues arise.

Should I have a Binding Financial Agreement

I am only in  a defacto relationship????

 

A Binding Financial Agreement (sometimes known as a “pre-nup”) is a private agreement that couples are able to enter into to deal with financial and property matters in the event of a relationship breakdown.  It is wise to enter into a binding financial agreement to protect your financial and property.

A Binding Financial Agreement  also commonly known as a Prenuptial agreement should be considered by all couples who are contemplating a de facto relationship, and can be done up before or during a de facto relationship. A Binding Financial Agreement is not about setting up your relationship to fail; it is about putting all the cards on the table and discussing issues to clarity any uncertainties.

Binding Financial Agreement whilst in a Defacto Relationship can be a necessity for certain situations such as:

  • your defacto partner has more property than the you at the begining of the relationship
  • it is your second marriage?  Do you have assets from your first marriage that you want to keep to pass onto your children
  • it is a de facto relationship and one party is moving into the other party’s property?
  • you want to avoid any hostility or uncertainty if the relationship does fail
  • you want to protect a future inheritance or a family business
  • keep matters out of court in the long term

You can purchase our Binding Financial Agreement for Defacto Relationships from Precedents Online

Table of contentsBinding Financial Agreement in Defacto Relationship

  1. Separate property.
  2. Joint property.
  3. During the de facto relationship.
  4. Separation.
  5. Division of property in the event of breakdown of the de facto relationship.
  6. Independent legal advice.
  7. Taxes.
  8. Claims for provision out of the estate of a deceased party.
  9. Notices.
  10. Governing law and jurisdiction.
  11. Further assurance.

Execution page.

 

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