Casey Family Lawyers

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Binding Financial Agreements

Offices in Narre Warren, Warragul & Online

Servicing Victoria, South East Melbourne Suburbs & Gippsland areas.

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Casey Family Lawyers have many years of experience and are skilled in the preparation of Binding Financial Agreements. Our offices are in Narre Warren and Warragul and we also offer online consultations, providing advice and representation in all aspects of family law in Melbourne’s south east.

What are Binding Financial Agreements?

Binding financial agreements (BFA), commonly known as  prenuptial or postnuptial agreements, are a legal contract made between parties in a de facto relationship or marriage to determine how their financial affairs will be managed during the relationship and in the event of separation or divorce.

It allows the parties to make important decisions regarding property division, spousal maintenance, and other financial matters, providing certainty and clarity about their rights and obligations.

By entering into a BFA, parties relinquish their rights under the Family Law Act (FLA) for the Federal Circuit and Family Court of Australia to determine any financial matters if the relationship ends.

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Couples can enter into a BFA:

  • before marriage or de facto relationship (prenuptial agreement),
  • during the relationship (postnuptial agreement)
  • during separation before filing for divorce,
  • after divorce or de facto relationship breakdown.

What are the requirements for Binding Financial Agreements?

The requirements for binding financial agreements (BFA) in Victoria are as follows:

  • In Writing: A BFA must be in writing and signed by all parties involved. It is essential to have a properly drafted legal document to ensure its validity.
  • Independent Legal Advice: Each party must obtain independent legal advice from a qualified family lawyer before signing the agreement. This ensures that both parties fully understand the implications and consequences of the agreement.
  • Certificate of Legal Advice: Each party’s lawyer must provide a signed certificate verifying that they have provided legal advice about the BFA’s effects on their client’s rights.
  • Voluntary Basis: The agreement must be entered into voluntarily by all parties. No coercion or undue influence should be involved.
  • Full Financial Disclosure: Both parties must provide full and frank financial disclosure of their assets, liabilities, and financial resources. This information helps ensure that the agreement is fair and informed.
  • Clear Intentions: The BFA must clearly outline the parties’ intentions regarding the division of their property, assets, superannuation, and liabilities in case of a relationship breakdown.
  • Execution Requirements: Proper execution of the agreement is necessary. This involves signing and dating the document and ensuring that both parties’ signatures are witnessed.

It is crucial for parties seeking a binding financial agreement to work with experienced family lawyers like Casey Family Lawyers to ensure that all the legal requirements are met, protecting their interests and ensuring the agreement’s enforceability in the future.

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Binding Financial Agreement lawyers with an eye for detail

Casey Family Lawyers provides advice, negotiation and litigation representation in all aspects of family law matters including binding financial agreements (BFA). 

Having practised in the family law jurisdiction for more than ten years, our Principal Lawyer and Owner Kelly Beck understands the complexities around prenuptial and postnuptial agreements and the need for an eye for detail. 

Trust Casey Family Lawyers to protect your rights, navigate complex legal matters, and work tirelessly with compassion to achieve realistic solutions and the best possible outcome for you and your family.

Kelly Beck Casey Family Lawyer

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FAQ

Common Questions about Binding Financial Agreements

Yes, BFAs are legally enforceable provided they meet all the necessary legal requirements.

Full financial disclosure is essential for a valid BFA. If one party fails to provide accurate information, it may jeopardize the agreement’s enforceability.

Yes, post-divorce or post-relationship breakdown, couples can still enter into a BFA to settle financial matters.

Yes, BFAs can be updated or amended, but both parties must again obtain independent legal advice, and proper execution requirements must be met.

Not all couples may require a BFA, but it can be beneficial for those who wish to proactively manage their financial affairs and protect their interests.

Yes, a BFA can be terminated or revoked by written agreement between the parties, provided certain legal requirements are met.

It is not recommended to prepare your own Binding Financial Agreements due to the complexities of the document, and as doing so may not meet the legal requirements for the BFA to be binding. A lawyer should be engaged for this purpose as well as providing independent legal advice.

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