Binding Financial Agreements
Whether you are in a marriage or de facto relationship or about to commit to one, you may need a Binding Financial Agreement (BFA). A BFA will state how assets and liabilities will be distributed and what spousal maintenance (if any) is to be paid if the marriage or de facto relationship breaks down so that the couple knows what to expect to happen with assets, liabilities and income if their marriage or de facto relationship breaks down.
It is generally never too early to have a BFA to protect your assets and income in the event of a marriage or de facto relationship breakdown. A BFA can be made before, during or after a marriage or de facto relationship (including same sex marriages and de facto relationships)
Legal Advice for a Binding Financial Agreement
One of the requirements for a valid and enforceable BFA is that each party obtains independent legal advice in relation to the terms of the BFA before signing the BFA.
Doray Legal can assist you in:
- Preparing a BFA
- Advising you on the terms of a BFA that has been prepared by your partner or spouse and recommending changes to be made to the proposed BFA. If you are concerned that a proposed BFA may not be adequate, you can discuss your concerns with us to ensure your needs are met now and in the future. For example, the BFA may need to provide for any changes in circumstances, e.g. children born in the relationship or marriage.
- Acting for you in negotiating the terms of the BFA and finalising the BFA.
Legal Advice for Updating, Terminating or Setting Aside a Binding Financial Agreement
If you have a BFA in place but you want it amended, set aside or terminated, legal advice can help. You may feel that the current BFA needs to be re-visited or set aside for one or more reasons, e.g. your circumstances have changed so that the current BFA has become impracticable or will cause hardship or you had signed the BFA because of a mistake or fraud or duress, misrepresentation, undue influence, unconscionable conduct by your partner or spouse or because you weren’t properly or fully informed of your partner or spouse’s financial circumstances.
We can assist in reaching an agreement with your partner or spouse or applying to the Court to set aside the BFA.
If you have any questions about Binding Financial Agreement services, call Doray Legal on (08) 9364 2588 or contact us for a consultation and enquire about our reduced fee for your first consultation.