Binding Financial Agreements (BFAs)
At Arshad Lawyers, we prepare and advise on Binding Financial Agreements (BFAs) for clients across South Brisbane and beyond.
15 minute phone consultation.
Committed to Excellence and Personalised Service
As a boutique firm committed to excellence and personalised service, we work closely with clients and collaborate with fellow legal professionals to craft tailored, enforceable Binding Financial Agreements. Our goal is simple but essential: to shield your financial interests, bring clarity to your future, and reduce the risk of costly disputes before they ever arise.
What is a Binding Financial Agreement?
A Binding Financial Agreements (BFA) is a legally binding contract between two people—whether they are entering a relationship, already married or living together, or have separated—setting out how their assets, liabilities, superannuation, and spousal maintenance will be dealt with in the event of separation.
Binding Financial Agreements (BFA) are often referred to as “prenups” in United States common with Hollywood couples. Binding Financial Agreements (BFA) can be made before marriage, but they can also be executed:
- During a marriage or de facto relationship
- After separation or divorce
- Before or during a de facto relationship
Why Enter into a Binding Financial Agreements (BFA)?
A BFA offers a clear, pre-agreed framework for resolving financial matters if the relationship breaks down. It helps avoid costly and protracted litigation, and gives parties control over outcomes that might otherwise be left to the discretion of the Family Court.
Key benefits include:
- Clarity around property division and maintenance.
- Asset protection, especially for inheritances or family wealth.
- Reduced conflict and emotional strain.
- Proactive financial planning, done when parties are amicable.
Legal Requirements for a Valid BFA
To be enforceable under the Family Law Act 1975 (Cth), a Binding Financial Agreements (BFA) must:
- Be in writing and signed by both parties.
- Include full and frank financial disclosure by both parties.
- Be entered into voluntarily, without duress or undue influence on either party.
- Be accompanied by independent legal advice for each party, with written confirmation from each party’s lawyer that advice was provided for entering into the agreement.
Can a BFA Be Challenged?
Yes. While Binding Financial Agreements (BFA) are intended to be final, the Court may set them aside in specific circumstances under the Family Law Act 1975 (Cth), such as:
- Fraud or non-disclosure (e.g. hiding assets).
- Undue influence, duress, or unconscionable conduct.
- Failure to obtain proper legal advice.
- Material change in circumstances, particularly involving children, that would result in hardship if the BFA remained in place (s90K and s90UM).
Why Choose Arshad Lawyers?
At Arshad Lawyers, we do not use generic templates. Every Binding Financial Agreements (BFA) is prepared after understanding your unique circumstances and goals. We guide you through the legal requirements, work cooperatively with the other party’s legal team, and ensure your Binding Financial Agreements (BFA) is clear, enforceable, and robust.
Whether you are planning to marry, living in a de facto relationship, or navigating a separation, we can help you protect your financial future.
A cheap template downloaded from online can be very expensive when you need to rely on it and the Court strikes it down as unenforceable.