A binding financial agreement (BFA) is essentially a contract between two parties who are getting married, are married or divorced. Such agreements can also apply to de facto relationships. BFAs are financial agreements that detail how the asset pool and financial resources, including superannuation and debts, are to be divided following relationship breakdown.
For a BFA to be legally binding, it is imperative that both parties seek independent legal. After receiving such advice, a signed certificate from each legal advisor will be attached to the agreement. By having a BFA, parties can avoid the Court’s jurisdiction in deciding how assets will be divided. Depending on whether the BFA is being made before, after or during the relationship, there can be time limits on its implementation as well as differing requirements effecting its validity.
At 360 Legal, we specialise in drafting, preparing and approving BFAs. In instances where the BFA needs to be challenged, our team of experienced solicitors can help you apply to have the BFA amended or set aside. The circumstances in which the Court will set aside a BFA include but are not limited to: