Binding Financial Agreements
You might have heard of a pre-nuptial agreement or “pre-nup.” These are Binding Financial Agreements (BFA) which can be entered into at the start of a marriage or de-facto relationship to ensure each party retains the assets that they bring into the relationship. They can also ensure that assets acquired during the relationship are divided fairly upon separation, if this was to occur. A Binding Financial Agreement is essentially your safety net if your relationship was to breakdown.
You can also enter into a BFA during a marriage or defacto relationship or after separation or divorce. This is an alternative to the Court process.
If you are interested in entering a Binding Financial Agreement or seek more information, please contact our office for assistance.
FAQ
This is a Binding Financial Agreement which you and your partner can draft at the beginning of, or throughout your relationship to set out how assets are to be divided without the Courts involvement should the relationship come to an end.
This is now called a Binding Financial Agreement, or BFA. If you have significant assets, drafting a BFA can be beneficial if the relationship unfortunately breaks down sometime in the future. Should this occur, having a BFA in place reduces stress to both parties as it makes the process of dividing assets after separation much simpler. A BFA can be entered into before or during the relationship.