A binding financial agreement has the effect of preventing the court from making decisions on the adjustment of assets after the Family Act of 1975. It can also manage the maintenance of the spouse and prevent your former partner from applying for a marriage. A binding financial agreement (BFA) is a legally binding agreement between couples before, during or after their de facto relationship or marriage. As long as you have a real agreement, you can ask a lawyer to prepare the documents for you or develop your own financial agreement. The Family Act of 1975 (Cth) allows married couples and de facto couples to enter into legally binding financial agreements. Although a binding financial agreement can be signed at any time during a relationship, it is preferable that the agreement be reached before marriage or the conclusion of a de facto relationship (i.dem cohabitation). Our policy at Prime Lawyers is to help our clients get approval decisions rather than financial agreements wherever possible. Instead of encouraging clients to enter into “pre-marriage agreements,” we also advise people who are considering marriage or who have a de facto relationship with respect to the application of the family law if their relationship is broken. They are then able to make informed decisions about their future finances, knowing how these decisions can influence a real estate department in the future. It is important that you work with an experienced lawyer to prepare your binding financial agreement. Our team of family lawyers in Brisbane has experience in managing complex scenarios and related tax and wealth implications.
The financial situation of most couples is not so complicated – they are much better at preparing draft agreements before seeing lawyers. Also, with something relatively simple as a binding financial agreement, and given the right financial template binding company – this should be easy to do. Compelling financial agreements must be carefully developed to ensure that they take into account all structures such as family trusts, businesses and self-managed super-funds, as well as tax implications and other obligations.