Family Law: Binding Financial Agreements - Guides
Binding Financial Agreements
6. Form of a BFA
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Last updated: 26 Jun 2015
- A BFA should be a formal legal agreement.
- In order to be binding the agreement must be in writing and signed by both parties after having independent legal advice about their rights including the pros and cons of entering the agreement rather than relying on the Family Law Act.
- A BFA should state it has been made under specific sections of the Family Law Act.
- A BFA should deal with how the parties’ division of property and financial resources or spousal maintenance will occur on breakdown of the relationship.
- Importantly a BFA should include certificates of independent legal advice to each party. This means that each party has received advice from a different lawyer.
- Our free Find a Lawyer directory may help put you in touch with the assistance you need.
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