Protect your assets with a Binding Financial Agreement
We draft and advise on Binding Financial Agreements, ensuring the agreement covers what you need it to cover and is executed in a way that gives it the best prospect of being upheld.
What is a Binding Financial Agreement and when should one be put in place?
A Binding Financial Agreement (BFA) is a formal legal agreement made under the Family Law Act 1975 (Cth) that allows parties to a relationship to determine in advance how their assets, financial resources, and liabilities would be dealt with if the relationship ends.
Agreements can be made before a relationship begins, during a relationship, or after a relationship has ended, and can cover property brought into the relationship, property acquired during it, inheritances, and other financial resources. For the agreement to be binding under the Family Law Act 1975 (Cth), each party must receive independent legal advice before signing, and the agreement must be signed by both parties and their lawyers.
Can a Binding Financial Agreement be set aside by a court?
A Binding Financial Agreement can be set aside by a court under the Family Law Act 1975 (Cth) in a number of circumstances, including where the agreement was obtained by fraud, where a party did not receive independent legal advice before signing, where the agreement was entered into to defraud a creditor, or where the circumstances have changed in a way that makes it impractical or unjust to enforce the agreement. An agreement that does not comply with the formal requirements of the legislation is not a binding agreement at all. We advise on how to structure the agreement and the process for making it to give it the strongest possible prospect of being upheld.
Can a Binding Financial Agreement be made after a relationship has started?
A Binding Financial Agreement can be made at any stage of a relationship, including during the relationship or after it has ended. Agreements made during a relationship serve a different purpose than pre-relationship agreements, as they need to address assets and financial arrangements that already exist rather than those that may arise in the future.
Agreement drafted to cover what matters most in your specific circumstances.
Independent legal advice provided so the agreement meets the formal requirements.
Existing agreements reviewed to assess whether current arrangements are still fit for purpose.
A Binding Financial Agreement provides certainty about how assets would be divided, but only if it is correctly made and covers what it needs to cover.
A Binding Financial Agreement is only as useful as the drafting behind it and the process by which it was made.
- We will advise on whether a Binding Financial Agreement is the right approach for your circumstances and what it needs to cover.
- We will draft the agreement to reflect the arrangement the parties intend and ensure it addresses the assets and financial resources that need to be covered.
- We will provide the independent legal advice required by the legislation and prepare the necessary certification.
- We will review existing Binding Financial Agreements and advise on whether they remain fit for purpose.
You are entering a relationship with assets you have worked hard to build, and the question of how those assets are treated if the relationship ends is easier to resolve before it starts than after it does.
What's included in your Binding Financial Agreement service
- Binding Financial Agreement advice and drafting.
- Independent legal advice and statutory certification.
- Superannuation and financial resource coverage advice.
- Existing agreement review and currency assessment.
- Separation financial agreement documentation.
What goes wrong when Binding Financial Agreements are not correctly made?
Here is how we ensure your Binding Financial Agreement provides the protection you need.
Scope agreed, agreement drafted, process correctly completed.
Advise on scope and content.
We advise on what the agreement needs to cover and how the arrangements between the parties should be documented.
Draft and negotiate.
We draft the agreement to reflect the intended arrangement and advise on any issues that arise during negotiation with the other party.
Execute and certify.
We provide the independent legal advice required by the legislation, prepare the necessary certification, and manage the execution of the agreement.
Family law and asset protection lawyers experienced in Binding Financial Agreements and financial settlement advice across Australia.
We understand you want to know the cost, before we get started.
We will map out our process, from beginning to end, so you know what the journey will look like before you get started.
We will provide you with a clear and detailed Work Proposal covering each step along the way.
Our fair fees are all-inclusive. No hidden costs for telephone calls, emails, photocopying, couriers, or coffee.
Our great lawyer guarantee
We want to be part of your team over the long term. We achieve this by adhering to these core principles:
Take the time
We listen carefully to understand what you want to achieve. Then we thoroughly explain our advice and step you through the documents. You can be sure you know the full consequences.
Share our knowledge
We will pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.
Stick to our knitting
We only do what we're good at. You can be confident that we know what we're doing and don't pass on the cost of our learning.
Work as one team
Someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.
Fair pricing
For advice and documents, we provide a fixed or capped quote so you don't take price risk. If you're in a dispute, we map out the process and costs so you know what to expect.
It's your show
We're not in this for our egos. We're in it for a front row seat to witness your success.
