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Binding Financial Agreements

A Binding Financial Agreement, sometimes known as a prenuptual agreement, sets out the way some or all of the couples assets will be divided in the event the relationship breaks down.  A Binding Financial Agreement can also deal with spousal maintenance.

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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

 

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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

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BFA Married

Married

A Binding Financial Agreement for Married Couples.

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.

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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.

 

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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 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.

 

 

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