How do I get a BFA?
How to get a Binding Financial Agreement
A binding financial agreement (‘BFA’) is an agreement that reflects the property settlement agreement between two parties. A BFA can be drafted prior to entering a relationship, during a relationship or after separation.
BFA’s do not need to be ‘approved’ by the Court and are not subject the usual four step process used when determining what each party is entitled to during property settlement.
Looking to get a separation agreement? Read more here.
A BFA must be agreed to and signed by both parties after receiving independent legal advice. In order to do this, you need to negotiate with the other party in order to reach an agreement. You can this yourself or this can be done through your lawyer.
Both parties have the time to properly consider any proposal and have the opportunity to make any changes to the agreement. It is also important that neither party feels pressured into signing the agreement. This is a crucial part of ensuring that the BFA will be binding into the future.
What are the requirements for a BFA?
In order for a financial agreement to be legally binding, the agreement will need to be drafted by a lawyer. Both parties are required to obtain independent legal advice prior to entering the agreement. It is important that the agreement is drafted correctly by a family law solicitor, as agreements can be set aside if they do not comply with the legislation.
This can be quite a complicated area of Family Law so it is important that you obtain advice from a practitioner who regularly practices in this area.
The agreement will identify all property in both of your names and will set out how that property will be divided if you separate. It is important that you disclose ALL property owned. If you fail to include certain items, the agreement may be set aside later.
If you would like any further information in relation to the information contained in this article or would like to have a free consult with one of our lawyers, please do not hesitate in contacting our office.
This information does not constitute legal advice. You should consult with a lawyer to obtain independent legal advice relevant to your situation.
We are Family Court solicitors who are experienced in providing divorce and separation legal advice in parenting and financial disputes. We have many years experience in court advocacy and dealing with matters involving complicated parenting disputes including matters that require several Family Reports.
Contact us for more information or to book a free legal advice session to find out your options.
This information does not constitute legal advice. You should consult with a lawyer to obtain independent legal advice relevant to your situation.
