How to Legal Guides written for everyday Australians.
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binding financial agreement
When it comes to planning for the future, especially in relationships, clarity and certainty are key. In Australia, Binding Financial Agreements (BFAs) serve as an important legal tool that allows couples to set out how property, financial resources, and spousal maintenance will be dealt with in the event of a relationship breakdown. BFAs are governed by the Family Law Act 1975 (Cth) and apply to both married and de facto couples, including same-sex couples.
When entering into a relationship, it's important to consider how you will manage your finances together. Binding financial agreements, also known as prenuptial agreements, postnuptial agreements, or de facto agreements, can be an effective way to protect your assets and property in case of separation or divorce. In Australia, these agreements are governed by the Family Law Act and are legally binding if certain requirements are met.
When a couple decides to separate or divorce, they may need to reach an agreement regarding the division of their property and finances. This agreement can take the form of a separation agreement or a binding financial agreement under the Family Law Act 1975.
In Australia, when a couple decides to separate or divorce, they will need to come to an agreement about how to divide their assets and liabilities. There are two main ways to formalise these agreements: through a consent order or a binding financial agreement (BFA). While both of these legal documents can be used to achieve similar outcomes, there are some key differences between them.
