A Binding Financial Agreement (also known as “BFA”) is a formal agreement between two parties made pursuant to the Family Law Act. A Binding Financial Agreement can be made: –
- Before a marriage or de-facto relationship
- During a marriage or during a de-facto relationship;
- After the separation/ divorce of a marriage or separation of a de-facto relationship.
Binding Financial Agreements do not need to be approved by a Court however parties need to obtain independent legal advice as to the effect of the agreement and the advantages and disadvantages of entering into the agreement.
Binding Financial Agreements have strict compliance requirements and it is therefore essential you seek qualified expert advice when contemplating entering into a Binding Financial Agreement as there are circumstances when a court may set the agreement aside if requirements have not been complied with.
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