Binding Financial Agreements
The words Binding Financial Agreement (“BFA”) refer to a variety of different Financial Agreements referred to in the Family Law Act, 1975.
A BFA is an agreement between married or soon to be married couples, defactos of the opposite sex or same sex. The BFA can prepared before, during or after the relationship
These agreements include:
- Divorce Agreements
- Pre-nuptial agreements
- Post-nuptial Agreements
- Separation Agreements
- Cohabitation agreements
If your relationship breaks down the BFA sets out how your assets and liabilities are to be divided.
The preparation of a BFA can save you a great deal of expense in legal fees. However, it is very important that the BFA is carefully and properly drafted and that each party receives independent legal advice.
Although a BFA appears to be a straightforward, clear and efficient way to record an agreement between people, there are circumstances and cases where a BFA is not appropriate. Obtaining solid advice from an experienced family lawyer is essential.