Binding Financial Agreements

What is a Binding Financial Agreement?

A Binding Financial Agreement is a legally binding contract between you and your ex-partner to formalise an agreement about the division of your assets, superannuation and/or maintenance. Sometimes referred to as a "BFA", or simply a Financial Agreement, you can make one before or during a relationship, or after you separate.

This type of agreement allows parties to opt out of the Court's power to make property settlement orders, which provides financial certainty and potentially avoiding future litigation costs and stress.

Key Details of a Financial Agreement

• Purpose: To create a formal, legally enforceable agreement for asset division without the need for court intervention.

  
  

• Timing: Agreements can be made at various stages of a relationship, including:

  • Before marriage or a de facto relationship (prenuptial or cohabitation agreements).

  • During the marriage or de facto relationship (postnuptial or continuing relationship agreements).

  • After separation or divorce.

• Content: The agreement can cover a wide range of financial matters, including:

  • Division of real estate, business assets, and investments.

  • Superannuation entitlements.

  • Ongoing financial support or spousal maintenance.

  • Protection of pre-existing assets, inheritances, or family businesses from claims by the other party.

• Enforceability: If properly executed, it ousts the jurisdiction of the Court of Australia regarding property settlements.

A Fixed Fee Binding Financial Agreement means that you are not charged at an hourly rate, and instead you will receive a Fixed Fee Quote for your family lawyer to complete all work from start to finish to complete your Financial Agreement. For example:

• Complete property title search and/or company search(es).

• Letter to Superannuation Fund to notify of the proposed superannuation split.

• Telephone/video conferences with you to obtain all necessary information.

• Prepare the Financial Agreement, send a copy to your former partner’s lawyer.

• All correspondence with your former partner’s lawyer to make any necessary changes to the Financial Agreement.

• Provide you with written legal advice once no further changes are needed to the Financial Agreement.

• Telephone/video appointment to discuss written advice.

• Provide Certificate of Independent Legal Advice.

• Arrange for signing of the Financial Agreement.

• Certify the Financial Agreement.

• Provide a Certified copy of the Financial Agreement to the Superannuation Fund.

• All communications with you, your former partner’s lawyer and the Superannuation Fund to complete the above steps.

Fixed Fee Binding Financial Agreement

Binding Financial Agreement from $1,650