A Binding Financial Agreement is, as the name implies, a legally binding document that lays out how a couple will divide their assets in they have a significant dispute, separate, or divorce.
One of the most common Binding Financial Agreements is the prenuptial agreement, but there are many other forms. De facto couples who live together (known as cohabitation) can, for example, enter into a Binding Financial Agreement that’s virtually identical to a prenup. Or, already married couples can also draft a BFA.
This area of family law can have a substantial impact on your future, which is why it’s a legal requirement in Australia that each person signing the agreement gets independent legal advice about their rights, and the advantages and disadvantages of the BFA. It’s crucial that everyone involved understands what signing their specific BFA means.
At Phoenix Law, our family lawyers can help draft a BFA or give you advice about a document that’s already been drawn up by another solicitor. We will also ensure that both you and your partner are aware of what the BFA means both now and in the future.
If you have any questions about Binding Financial Agreements, prenuptial agreements, property in marriage, or you need to talk to someone about your current legal situation, please reach out to Phoenix Law on +61 (07) 3180 0908.
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