Binding Financial Agreement

A Binding Financial Agreement (BFA), or pre-nuptial agreement, is a document or series of documents that govern your property interests in the event of a separation during a marriage or a de facto relationship. A BFA can be entered into before, during or after a relationship. If made after marriage, the binding financial agreement must be made within twelve months of an order of divorce.

What are the legal requirements for a BFA?

For a BFA to be legally binding, both parties must:

• Before signing the agreement, receive legal advice from separate solicitors about the advantages and disadvantages of making the agreement and the effect of the agreement on their rights;
• Receive a signed statement from their own lawyer confirming that the above advice has been given; and
• Receive a copy of a signed statement from the other party’s lawyer confirming that the other party has received the above advice.

Provided the above requirements are met, either party can seek a court declaration that the agreement is binding and enforce the terms of the agreement. Before the agreement can be enforced, however, one of the parties must sign a separation declaration. A separation declaration must state that the parties have separated and are living separately and apart and that the person making the declaration believes there is no reasonable likelihood of a reconciliation occurring.

Our team at Straits Lawyers possess our own unique skillsets and language abilities to help you better understand your rights and options. If you would like to prepare a Binding Financial Agreement, Straits Lawyers are now offering online services in both English and Chinese.

Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13

Alternatively, you can email us at info@straitslawyers.com or call at 08 8410 9069 to find out more.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.