Protect your assets and secure your financial future with prenuptial, postnuptial, and separation agreements in Melbourne
A Binding Financial Agreement (BFA) is a legal contract between partners that sets out how assets, liabilities, and financial resources will be divided if the relationship ends. These agreements can be made before, during, or after a marriage or de facto relationship, providing certainty and protection for both parties.
In Melbourne and throughout Australia, BFAs are governed by the Family Law Act 1975. When properly drafted and executed, these agreements can override the court's usual approach to property settlement, allowing couples to determine their own financial arrangements.
Important: Both parties must obtain independent legal advice before signing a BFA. This is a legal requirement for the agreement to be binding and enforceable.
Made before marriage, these agreements outline how property and financial resources will be divided if the marriage ends. Commonly used to protect pre-existing assets, inheritances, or business interests.
Created during a marriage or de facto relationship, these agreements can address changes in financial circumstances, business ventures, or inheritance planning while the relationship is ongoing.
Made after separation but before divorce, these agreements formalize the division of assets and liabilities, avoiding the need for court proceedings and providing immediate certainty.
For de facto couples, these agreements serve the same purpose as prenuptial agreements, protecting assets and defining financial arrangements for couples living together.
Note: BFAs cannot include arrangements for children, such as custody or child support. These matters must be determined separately based on the children's best interests.
For a Binding Financial Agreement to be legally enforceable, strict requirements must be met:
The agreement must be in writing and signed by both parties
Each party must receive independent legal advice from different lawyers
Lawyers must provide signed certificates confirming advice was given
Both parties must provide complete and honest financial disclosure
Agreement must be entered into freely without pressure or deception
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