A binding financial agreement is a legal document that can be made between parties before, during, or after a marriage or de facto relationship. It can be used to protect the parties’ assets in the event of a separation or divorce.
A BFA sets out how the parties’ property, finances, and assets will be divided in the event of a breakdown of the relationship. It can also include provisions for spousal maintenance and other matters related to the relationship.
The agreement must be entered into voluntarily and with a full understanding of its effects. Both parties must obtain independent legal advice before signing the agreement, and the lawyer must sign a certificate to confirm that advice was provided.
A BFA can provide certainty and peace of mind for parties entering into a relationship. It can help avoid costly and time-consuming legal proceedings in the event of a relationship breakdown.
They can cover a range of issues and circumstances, and can be tailored to suit the needs of the parties. They can be particularly useful for those with significant assets or business interests.
It is important to seek the advice of an experienced family lawyer when considering a BFA. They can assist with drafting the agreement, ensuring it complies with legal requirements, and providing advice on the consequences of entering into the agreement.
Geelong Legal has a team of family lawyers who can assist with all aspects of family law, including the drafting and enforcement of BFAs.
