Binding Financial Agreements in Perth

Family Law

Binding Financial Agreements, commonly known as BFAs, are a legally binding document which sets out the agreement of parties to a marriage or a de facto relationship in respect of their finances, assets and liabilities.

BFAs are very similar to Consent Orders as they legally set out how the finances, assets, and liabilities of a relationship should be divided at separation. However, BFAs and Consent Orders have different requirements. It is important to get legal advice from a family lawyer as to whether it would be most beneficial for your matter to have a BFA or Consent Orders.

BFAs can be made in respect of marriages or de facto relationships and can be made:

  • before the marriage (commonly known as a prenuptial agreements) or commencement of a relationship;
  • During the marriage or relationship; or
  • After separation. This can occur both before and after divorce.

For BFAs made before or during the marriage or relationship, the agreement will set out how any finances, assets and liabilities of the parties will be divided in the event of separation. These BFAs can be helpful in avoiding any disputes regarding how any assets and liabilities will be divided in the event of separation or protecting significant assets which one party may be bringing into the relationship.

For BFAs made after separation, this sets out the agreement that has been reached as to how the assets and liabilities should be divided now that you have separated.

In order for parties to enter into a BFA, both parties must have reached an agreement and received independent legal advice about the effects of the agreement on their rights and entitlements. Each party must therefore instruct their own lawyer to sign a certificate of legal advice otherwise the agreement is not legally binding.

It is important that any BFA is properly drafted by a family lawyer to ensure that the BFA includes all the necessary terms and technical requirements so that it is legally binding. The intention of a BFA is that it avoids the parties having to make an application to Court to resolve the finances after separation.

In Western Australia BFAs do not need to be registered. Both parties just need to retain a copy of the BFA for their records.

Acuity Law Partners has experience drafting BFAs where the laws of another state may apply. We can therefore assist with drafting a BFA regardless of where you live in Australia.

BFAs can be a very efficient and cost-effective way of finalising the financial aspect of a marriage or de facto relationship.

Contact our friendly family law team to discuss your Binding Financial Agreement.

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