Financial Agreement Lawyers Perth


A Financial Agreement is a written agreement between two parties regarding how their property will be divided in the event of separation. The Financial Agreement, sometimes also called a Binding Financial Agreement or BFA, is intended to oust the ability of the Family Court to make orders for property settlement.

Financial Agreements can be made before marriage, during the marriage and/or relationship or after separation (including before and after divorce).

Having a Financial Agreement in place can give you certainty in the event of separation and help prevent costly legal proceedings in the future. We can provide you with our legal expertise and professional assistance as your financial assistance lawyers. Apart from conserving your interests, we will ensure that your agreement remains iron-clad if it comes into effect.

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Binding Financial Agreement In Perth

In simple terms, a Binding Financial Agreement or BFA is a legally binding contract that dictates the terms of separation of assets between two partners, previously in a marital or de facto relationship, to be enforced by the family court of Australia. Except in exceptional circumstances, neither party can apply for spousal maintenance or property settlement outside the terms of the BFA. Contact our experienced team of Financial Agreement Lawyers Perth to help prepare or review a Financial Agreement.

In the Australian legal system, prenuptial agreements are essentially BFAs drafted and agreed upon before marriage. There is no concept of prenuptial agreements or prenups in Australia, nor is the phrase mentioned in the actual legislation. Still, some people refer to a BFA as a prenup. However, this agreement is essential to protect the financial assets of the partners to be married or in a continuing long term relationship. We are always here to answer any of your binding financial agreement family law queries.

Advantages And Limitations Of BFA

Under the present legal system, both married and de facto couples, as well as Same-sex couples can enter into a BFA.
The main advantages and disadvantages of a pre-marital BFA are mentioned in the following table:

Pre-Marital BFA

Advantages

Disadvantages

Certainty over your future financial position

Incapability to calculate unforeseeable changes in the future.

Seclusion from the typical court processes.

Possibility of contractual disputes arising in future.

Freedom to operate on the terms agreed.

Difficulty in varying the terms even if an unforeseeable circumstance is proved.

Cordial and faster division of assets and liabilities.

With our assistance, you can help you get the most out of your BFA. It can include many financial decisions like the division of property and superannuation between the two separating parties. We will advise you about your rights and if the proposed agreement is within your best interests.

Drafting Your Binding Financial Agreement

The drafting of a BFA is not an easy task. Some important things to keep in mind are:

  • The agreement will legally bind both the parties signing the BFA to obey its terms after the end of a relationship. So, the lawyers involved must have extensive knowledge of the technical requirement to prepare a comprehensive binding financial agreement.
  • Terms and conditions for spousal maintenance must be carefully drafted, and the development of unforeseeable circumstances should be accounted for.
  • After the terms of the BFA are agreed upon and drafted into a final copy, each party must seek independent legal advice about their rights, benefits, and shortcomings in case of the expiry of the relationship before signing.
  • The agreement must contain two certificates of advice drafted by each of the representative legal advisors of both parties.

Our team of experienced lawyers create and review BFAs routinely. You can trust us to make a comprehensive and equitable BFA for you.

Let Us Help You With Your Financial Settlement

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You cannot cut corners with a BFA in an Australian legal scenario, as the court possesses fairly wide discretion to void a BFA if not done correctly.

If the Court deems that a BFA is void, it will no longer be binding and you must conduct all your property settlement through Court proceedings. This can result in both costly and time-consuming legal proceedings and there is no guarantee that the Court will make an order similar to the BFA or in your favour.

It is best to consult experienced Financial Agreement lawyers Perth to prepare a BFA for you. Our team of skilled Family Lawyers are always ready to provide you with the best assistance in financial settlement matters. Please give us a call to discuss how we can assist you.

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Frequently Asked Questions

The court will cancel a financial agreement only when it stands out to be a binding one. Binding financial agreements are created between two parties, and if the court finds the agreement to be binding, the court will surely overturn or cancel it at all cost. 

In short, no. You will come across some financial agreement, an umbrella term that covers all the phases of a relationship. So, you will come across financial agreements for de facto couples and even same-sex couples available as well. They have all been treated the same way under the Family Law Act.

If you have decided to apply for a financial agreement, you can only do so when you have enough funds, assets, and property than your partner during the starting of your relationship. You can also apply for a financial agreement when you have become entitled to a massive gift.

A financial agreement is something that you cannot do on your own. So, you have to contact a qualified lawyer for it. The lawyer will take the responsibility to create the financial agreement and will act only for you. You have to discuss the agreement with your partner before doing anything

Yes, they are. Financial agreements might be a bit complex, and on certain occasions, they could get set aside. Apart from that, these agreements do not have any scrutiny, and it can be difficult for your spouse to see any benefit for themselves when they sign the financial agreement. 

When you enter the financial agreement, you will receive some advantages. These are:

• It will serve as a safety net when it’s used. 
• It will make the wealthier partner confirm that the other partner is not in a relationship for worldly purposes. 

The effect of a financial agreement is that it will stop the court from making any property adjustments orders under the Family Law Act 1975. It will also deal with the spousal maintenance and stop your former spousal from filling spousal maintenance.

It’s essential to contact a good lawyer for a financial agreement to help you save plenty of time and money. You will also receive legal advice from the attorneys right before you sign the deal

The financial agreement will also be binding until it is set aside or cancelled by the court. It will not always be binding when an asset or a relevant factor has changed the person’s views. 

You can use the financial agreement during estate planning, when you have children from a previous divorce, and when you wish to protect your assets. You can use the financial understanding if you want to avoid all the costly and conflict litigation during the time of a nasty separation.

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