Family Law: When can I enter into a Binding Financial Agreement?

A Binding Financial Agreement (or ‘BFA’) is sometimes considered the same as a ‘pre-nup’. ‘Pre-nup’ implies that a couple must enter into an agreement before they get married. This term is commonly used in Hollywood TV shows and movies but has no real application in Australia.

In Australia a BFA sets out how property financial resources and spousal maintenance will be dealt with in the event of a relationship breakdown. However a BFA can be entered into at many different points in a relationship.

You can enter into a BFA with your partner if you:

• Are intending to marry or live in a de facto relationship;
• Are married or living in a de facto relationship, and not separated;
• Are married and separated but not divorced; or
• Are living in a de facto relationship and have separated.

At each point in the relationship it may be more or less beneficial to enter into a BFA depending on your individual circumstances. For example if you are considering on entering into a BFA after separation it may be that entering into Consent Orders are more appropriate. However in any event legal advice must be obtained if you are considering on entering into a BFA.

To find out if a BFA is right for you, or if you have any other questions about family law, please do not hesitate to contact us on (02) 9688 6023 or email us at info@franklegal.com.au.

 This article is provided to the reader for general information. It is not legal advice. It was written by Karla Elias and edited by Andrea Spencer.

More from the blog:

Family Law: What is a Binding Financial Agreement?

Family Law: Family Law Property Settlement

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